Rapid Micro Biosystems, a US-based provider of microbial detection systems, closed a $120m financing round yesterday that included Asahi Kasei Medical, the medical products subsidiary of chemicals producer Asahi Kasei.
Healthcare investment group Ally Bridge Group led the round, which also featured Bain Capital Life Sciences, a subsidiary of private equity firm Bain Capital, in addition to private equity firm Endeavour Vision and venture capital firms Longitude Capital and Xeraya Capital.
Founded in 2006, Rapid Micro has created a product called Growth Direct which automates the detection of microbial contamination during the manufacturing of pharmaceutical products such as medicines, medical devices and personal care products.
Rapid Micro’s CEO, Robert Spignesi, said: “Global demand for drugs and vaccines is growing rapidly, a trend further amplified by the current pandemic.
“In response, manufacturers of biologics, sterile injectables, vaccines and cell and gene therapies are turning to the Growth Direct platform to modernise their manufacturing operations, improve their processes and make faster decisions.”
The company closed a $60m financing round in August 2019 that was co-led by Bain Capital Life Sciences and Xeraya Capital and backed by Asahi Kasei Medical, Longitude Capital, Quaker Partners, TVM Capital and Richard K. Mellon and Sons.
Longitude Capital, Quaker Partners, TVM Capital and Richard K Mellon and Sons had previously joined Hepalink USA, a subsidiary of pharmaceutical group Shenzhen Hepalink, as well as Kleiner Perkins Caufield & Byers (KPCB) and TPG Biotech in Rapid Micro’s $25m series C round in 2015.
Longitude Capital, TPG Biotech, KPCB, TVM Capital and Quaker Partners had previously supplied $32.6m in series B financing for the company in 2013, the latter three having joined Vimac Milestone Medica Fund in an $18.6m series A four years earlier.
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