Life sciences startup raises $17.5M

ANN ARBOR—Officials at the Ann Arbor-based life sciences laboratory products startup Akadeum Life Sciences Inc. announced the closing of an oversubscribed $17.5 million Series B financing, led by the Ann Arbor-based venture capital firm Arboretum Ventures.

Other participants in the round include Farmington Hills-based Beringea LLC, the Santa Clara, Calif. laboratory equipment maker Agilent Technologies, the Canadian medical products maker Lifespan Ventures, the Tucson, Ariz. life sciences venture fund BlueStone Venture Partners, the San Francisco venture firm Berkeley Catalyst Fund, the Michigan angel group Michigan Capital Network, Michigan Rise, The University of Michigan, and others.

As part of the deal, Dan Kidle, managing partner at Arboretum Ventures, has joined the Akadeum board of directors.

Proceeds from the financing will be used to advance global commercialization for Akadeum’s proprietary microbubble-based separation platform, with applications spanning life science research, including cell therapy and diagnostics. The company will also advance efforts to develop new business-to-business partnerships and expand research and new product development.

By using its proprietary microbubble-based technology to easily float target cells, nucleic acids and other biological targets to the top of a sample, Akadeum’s platform solves long-standing problems in separation processes, including volume and throughput restrictions, allowing for virtually any biological entity to be captured. Akadeum’s solutions exceed the performance,
system cost, and scalability of current technologies.

“This funding brings new momentum to our effort to deploy our technology platform to empower new scientific discoveries, improve diagnostic sensitivity, and increase access to novel cell therapies,” said Brandon H. McNaughton, Akadeum president and CEO. “The success of this financing is another indication of the growing interest in the applications of the Akadeum platform technology.”

Kidle added that investors “see strong potential for their proprietary microbubble-based technology to deliver significant advances in science and strong commercial growth in the years ahead.”

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