Rapid Micro Biosystems gets a boost in Singapore with a funding boost from the investment arm of the Singapore Economic Development Board, EDBI.
Rapid Micro Biosystems, a US-based company that develops tools to detect microbial contamination in pharmaceutical and biotechnological products, has expanded its series C round following an investment from EDBI.
EDBI, the investment arm of the Singapore Economic Development Board, invested an undisclosed amount into Rapid Micro Biosystems. The series C round first closed in April 2015 with $24m in investments.
Investors in the round include China-based biotechnology company Hepalink, US-based venture capital firms Kleiner Perkins Caufield & Byers, Longitude Capital and Quaker Partners, US-based private equity firm TPG Biotech, and Germany-based venture capital firm TVM Capital.
Robert Spignesi, chief executive of Rapid Micro Biosystems, said: “With our growing customer base in Asia, and specifically in Singapore, the partnership with EDBI will accelerate Rapid Micro Biosystems’ strategic focus of growing our commercial and operational capabilities in the region.”
Rapid Micro Biosystems’ technology automates the detection of microbial contamination in the areas of sterility testing, environmental monitoring, and bioburden testing.
The funding from EDBI will be used to increase Rapid Micro Biosystems’ commercial and manufacturing operations.
Chu Swee Yeok, chief executive and president of EDBI, said: “Rapid Micro Biosystems will enable Singapore’s pharmaceutical and medical technology plants to capture substantial and sustainable productivity gains. We are excited to assist the company in gaining access to the fast-growing Asian market from Singapore through our network in the region.”