LabMinds has closed a fully subscribed funding round from a mix of private and strategic investors for the commercial expansion of its REVO robotic system.
In addition to the commercialisation of its automation system, the company will use the fund to expand its product portfolio.
LabMinds president and CEO Jeff Caputo said: “We are pleased to announce the completion of a fully subscribed funding round.
“We appreciate the support and excitement of our existing and new investors. Not only do they recognise the large market opportunity for this innovative technology, but they also acknowledge the considerable value it brings to the drug development process, especially during these challenging times.”
Revo system is designed to automate the physical preparation of buffers from solids and liquids, producing error-free solutions.
It enables scientists and researchers to gain time, execute repeatable research and speed up the rate of discovery by optimising lab efficiency and increasing productivity.
The system is currently used by the company’s clients for rapid Covid-19 drug discovery and development, it noted.
LabMinds chairman of the board John Kawola said: “Our team at LabMinds continues to build traction within the bio-pharma world with multiple large customers moving toward using the REVO platform to standardise processes.
“Automation in solution preparation has been lacking. The REVO fills this gap and accelerates drug development while saving time and money for our customers. The board and investors are excited to continue to support the company’s growth.”
The company noted that its latest funding round was closed at a 20% higher share price than the funding round completed last year.