LevitasBio, Inc., today announced the successful completion of its Series A financing of $8 million. The company will use the proceeds to develop and commercialize its revolutionary magnetic levitation technology for single cells. Decheng Capital, a leading healthcare investment firm based in Silicon Valley and Shanghai, led the financing.
“We are very pleased to support the LevitasBio team and bring this breakthrough technology to biomedical research labs as well as clinical practices,” said Dr. Min Cui, Founder and Managing Director of Decheng Capital. “Based on the data generated at LevitasBio and at external labs using its early-access systems, we believe magnetic levitation technology will transform the field of single cell biology. It will have significant impact on drug discovery and development, disease diagnostics, and biomanufacturing.”
The technology was first developed by Drs. Utkan Demirci, Lars Steinmetz, and Gozde Durmus, co-founders of LevitasBio. Cells of different types or states have unique magnetic and density signatures, levitating in predictable ways when they encounter a magnetic field. The LevitasBio technology allows scientists to identify, isolate, quantify, collect, and test cells based on their magnetic and density profiles. The approach has been validated for sorting cells by type (such as red blood cells, white blood cells, and circulating tumor cells) or state (such as live or dead, or by response to a drug or stressor).
“This is a major milestone for the company and we are extremely happy to have the support of Decheng Capital as we work on commercializing the technology and developing new applications,” said Martin Pieprzyk, CEO of LevitasBio.
About Decheng Capital
Decheng Capital, a leading healthcare investment firm with more than $1 billion in capital under management. The company provides capital and strategic support to early-stage life sciences companies with revolutionary technologies and growth-stage healthcare companies with strong market presence. Located in Shanghai and Silicon Valley, Decheng is a group of dedicated professionals with complementary expertise who have outstanding histories of building successful companies in both China and the United States
To learn more, see how the technology works.