Metabolon, a US-based health technology developer backed by agribusiness Syngenta and conglomerate Sumitomo, received an additional $15m top-up in funding yesterday from healthcare-focused growth equity firm Essex Woodlands.
Essex Woodlands has now committed a total of $30m to Metabolon. The firm made an initial $15m investment in Metabolon in August 2016 to commercialise the company’s pipeline of precision medicine products, which make use of metabolomics technology.
Metabolics is the study of the small molecules produced by chemical reactions in the body known as metabolism.
Founded in 2000, Metabolon is developing health assessment tools that use metabolomics to create more precise diagnostic tests and enable the discovery of biomarkers, or measurable, verifiable biological signs of a patient’s condition.
Metabolon’s technology has research and product development applications across fields like pharmaceuticals, biotechnology, consumer products, agriculture and nutrition.
When Essex Woodlands made its investment four months ago, the firm secured the option to invest a further $10m in Metabolon, to be used to buy back shares from existing investors. Metabolon confirmed it will use the fresh capital to buy back shares.
Metabolon has now raised about $95m altogether. Sumitomo and Syngenta’s corporate venturing unit, Syngenta Ventures, took part in a $15m series E round in early 2014 that also featured Camden Partners, Aurora Funds, Harris & Harris Group, Fletcher Spaght and Fulcrum Financial Partners.
Syngenta Ventures previously invested in a $12.3m series C round backed by Fletcher Spaght, Sevin Rosen Funds, Aurora Funds, Harris and Harris, Fulcrum Financial and Alexandria Equities that closed in 2009, and a $13.1m round two years later that also included Keating Capital.