908 Devices Accelerates Entry into Life Science Market with Backing from Leading Industry Players
By Business Wire News
By Business Wire News
908 Devices, a pioneer of purpose-built analytical devices for chemical analysis, today announced it has raised additional growth equity investment for acceleration into the life sciences market, completing its Series C funding and bringing the Company’s funding total to $29 Million. Industry leaders Casdin Capital, a leading life science investor; Dr. Martin Madaus, Chairman and CEO of Ortho Clinical Diagnostics; Paul Meister, former Chairman of the Board of Thermo Fisher Scientific Inc., and others join the existing investing syndicate. This funding joins investment from life science luminaries Kevin Hrusovsky, Chairman and CEO of Quanterix; Jay Flatley, CEO of Illumina and Dr. David Walt, Scientific Founder of both Illumina and Quanterix.
“We are excited to bring routine analytical answers to life science customers and see many applications on the horizon that are well suited for High-Pressure Mass Spectrometry,” said Dr. Kevin J. Knopp, President and CEO of 908 Devices. “We look forward to working closely with our new and existing investors, all of whom are visionaries and pioneers in the field, to bring game-changing solutions to a new set of customers.”
908 Devices will leverage this additional capital to focus on accelerated entry into the life science market, bringing the powerful capabilities of its patented High-Pressure Mass SpectrometryTM (HPMS) technology to new applications and product lines within the industry. Recent breakthroughs in HPMS and separations technologies were showcased at the annual meeting of the American Society for Mass Spectrometry in St. Louis, USA. Research partners from Prof. J. Michael Ramsey’s team at the University of North Carolina at Chapel Hill (UNC-CH) and 908 Devices’ employees made a total of seven presentations that covered fundamental performance improvements to HPMS devices and breakthroughs in related liquid separations technologies. Co-authored work from researchers at 908 Devices, UNC-CH and the Whitehead Institute for Biomedical Research was presented on the rapid analysis of metabolites in biological samples.
“It’s an incredibly exciting time in life sciences with new technologies for analyzing and manipulating molecular biology helping to accelerate the transition from research insight into clinical development,” said Eli Casdin, Managing Member of Casdin Capital. “908 Devices HPMS technology is yet another technological advance, making routine mass spectrometry analysis available to a broader array of users and applications. Casdin Capital is glad to be part of this next phase of growth and looks forward to 908 Devices’ impact on biologic discovery and clinical insight.”
About 908 Devices
908 Devices, an innovator in point-of-need chemical analysis, offers products from rugged, handheld chemical detection tools to compact, tiny footprint analyzers for researchers, serving a range of industries including safety and security, energy, petrochemical, and life sciences. 908 Devices is headquartered in the heart of Boston where they research, design and manufacture innovative products based on High-Pressure Mass SpectrometryTM (HPMS).