The investment will accelerate the company's continued global commercial expansion and product innovation
Rapid Micro Biosystems has announced that it has secured $60 million in equity financing led by new investors Bain Capital Life Sciences and Xeraya Capital. The US based company provides automated, growth-based, rapid microbial detection technology for the healthcare product manufacturing sector, including the processing of pharmaceuticals, biologics, biotechnology products, medical devices and personal care products.
The new funding round also includes a commitment from another new investor, Asahi Kasei Medical, along with continued participation by Longitude Capital, Quaker Partners, TVM Capital and Richard K. Mellon and Sons.
The funding will be used to accelerate global commercial expansion, operational capability and product innovation of Rapid Micro Biosystem's rapid microbial detection technology.
“As organisations increasingly seek to improve operational efficiencies and streamline quality programmes to prevent microbial contamination events, the demand for quality control applications and automation will continue to accelerate,” said Fares Zahir, CEO of Xeraya Capital.
Rapid Micro Biosystem’s Growth Direct - the first and only growth-based system to fully automate traditional microbial testing - detects contamination more quickly, delivering economic benefits to manufacturers while improving their quality control operations, securing data integrity processes and reducing operational risks.
Rapid detection of microbial contamination enables manufacturers to reduce inventory carrying costs, shorten manufacturing cycles and reduce product losses, thereby delivering significant cost savings, improved quality control, operational standardisation and increased operational efficiency.
“The new round of investment will fuel significant business growth and strategic capability that will strengthen our ability to serve customers globally,” said Robert Spignesi, CEO of Rapid Micro Biosystems.
He continued: “We are proud to have the additional support and resources of Bain Capital Life Sciences and Xeraya Capital who share our vision for developing disruptive technologies for the healthcare product manufacturing industries.”