UK-based medical automation technology developer Automata secured $50m yesterday in a series B round that included ABB Technology Ventures, the corporate venturing arm of power and automation technology producer ABB.
Octopus Ventures led the round with additional backing from Isomer Capital, Hummingbird Ventures, Latitude Ventures, In-Q-Tel and unnamed others.
Founded in 2015, Automata develops automated systems for use in laboratory environments, particularly in the life sciences sector.
The company’s Automata Labs system consists of a modular benchtop setup that allows for full and continuous automation of a given lab process. It has already been deployed in the UK’s National Health Service’s pathology labs to help with its diagnostics backlog.
The series B proceeds will be used to expand the reach of Automata Labs in the UK and other markets, in areas including drug discovery, diagnostics and biotechnology.
Having automated processes in labs can reduce the timeline of experiments by 25% to 40%, Automata chief executive Mostafa ElSayed told TechCrunch, adding that it also leads to more accurate results and research as it minimises the variability of manual work.
The size of the wider medical automation market is projected to reach $92.5bn by 2027, according to Global Industry Analysts.
Opentrons, a developer of automated robotics technology for life science research, secured $200m in a September 2021 series C round led by internet and telecommunications group SoftBank’s Vision Fund 2 with backing from Khosla Ventures.
Strateos, an operator of remotely-controlled automated laboratory facilities that counts internet technology group Alphabet’s GV subsidiary and pharmaceutical firm WuXi AppTec as investors, had raised $56.1m in series B funding from investors including pharmaceutical firm Eli Lilly three months earlier.
ElSayed said: “I am really excited at how this funding will take us on the next stage of our successful journey. At Automata we have always believed in the power of automation to support a variety of uses, especially when deployed at scale.
“We are thrilled to see our users adopt automation at a scale that transforms their ability to deliver more innovation in the life sciences and ultimately accelerates their pursuit of progress.
“For far too long scientists and clinicians have been having to work with overly complex lab solutions whereby the equipment and software are disjointed and difficult to orchestrate. Solutions are also often too rigid and inappropriate for labs with small geographic footprints.”
ABB had previously taken part in Automata’s $7.4m series A round, in 2019, which was led by Hummingbird Ventures and which also featured Hardware Club, LocalGlobe, Firstminute Capital and Entrepreneur First.
Image courtesy of Automata.
