Lunaphore Technologies is developing next-generation equipment for cancer research and tissue diagnostics. Today, the Ecublens-based startup announces the first closing of its Series C funding, amounting to CHF 23M. The Japanese strategic investor PHC Holdings Corporation (PHCHD) led the round.
Founded in 2014, Lunaphore is developing next-generation tissue autostainers based on microfluidics. Its products, LabSat Frozen and LabSat Research are ultra-rapid automated staining solution designed to perform immunohistochemistry (IHC) assays and IHC/IF staining cycles, respectively, faster than standard techniques. The solution has already demonstrated positive results in tests with cancer patient samples.
To reach the next stage, the startup has raised CHF 23M in an oversubscribed C financing round that was led by PHC Holdings Corporation (PHCHD), a global healthcare company that owns Epredia, a leading provider of comprehensive solutions for precision cancer diagnostics. Existing investors, including Redalpine Venture Partners, OCCIDENT and Alpana Ventures, also participated in the financing round.
Lunaphore will invest the proceeds of Series C funding in market and product expansion. This includes a US market entry, the ramp-up of activities in Europe and the development of next-generation of instruments.
“The interest of global players in healthcare, like PHCHD, demonstrates the relevance and added value of Lunaphore’s technology and confirms its high potential to transform the field of tissue analytics,” said Ata Tuna Ciftlik, Lunaphore’s CEO. “We’re one step closer to fulfilling our vision of enabling highly sophisticated new-generation tissue analytics tests with our unique automation capabilities. The expertise and rapidly expanding the network of the PHC Group and the specialist knowledge of the anatomical pathology field at Epredia will both help us gain scale and speed in this process,” he added.
“We are delighted that PHCHD has invested in one of the most exciting players in tissue staining,” said James Post, President of Epredia, a PHC Group portfolio company. “We believe that their technology has the potential to help revolutionize tissue analytics and greatly improve the workflow for pathologists and immuno-oncology researchers. We look forward to working together with Lunaphore to further develop their highly innovative solutions and bring them to market to help further enhance cancer research and diagnostics.”
James Post has joined Lunaphore’s Board of Directors as part of the transaction.
(Press release/ran)
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