Today Swiss medtech startup Lunaphore, which is developing innovative next-generation equipment for cancer research and tissue diagnostics, has announced raising an extra €1.9 million from the Swiss Entrepreneurs Fund (linked to the Swiss Entrepreneurs Foundation). This ‘second closing’ for its Series C round, now totalling €23.7 million, will go towards product growth and expanding to the US.
Lunaphore, founded in 2014, is a Lausanne-based company building tumor analysis and classification platforms based on a microfluidic technology. With its platform, a test can be performed in less than 5 minutes vs. 2-8 hours using other technologies. Whats more, clinical trials have demonstrated 90% more accurate results when testing samples using their platform than with techniques currently used in hospitals.
Didier Denat, Member of the Decision Committee for direct investments of the Swiss Entrepreneurs Fund and Head of Corporate Banking at Credit Suisse (Switzerland) Ltd. commented: “With its outstanding management team and technological USPs, Lunaphore is able to show significant market traction, combined with a high degree of customer satisfaction. We are fully convinced in both the business model and strategy of Lunaphore and we are happy to contribute in taking the company to the next level.”
The proceeds of the overall €23.7 million Series C round, which was first closed in February and originally led by Japanese strategic investor PHC Holdings Corporation (PHCHD), will be dedicated to market and product expansion, including expanding to the US, ramping up activities in Europe and developing next generation instruments.
“We are very happy to add the Swiss Entrepreneurs Fund, which focuses on high-growth companies with global ambitions, to our investors’ base. Together with the strategic investment from PHCHD that we recently closed, Lunaphore is now backed by very strong institutions to achieve its vision”, commented Lunaphore.