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CytoSMART raises 5.2 million Euros for further product innovation and growth
CytoSMART, the Eindhoven-based company that develops and manufactures digital microscopes for monitoring live cell cultures, has received 5.2 million Euros to fund the growth of their business.
New investor Eindhoven Venture Capital Fund II joined existing investors Holland Capital and BOM Brabant Ventures. The funding will be used by CytoSMART to further develop its microscopes and to expand its international sales and marketing strategies.
CytoSMART has created three highly innovative microscopes that scientists can use to digitally and remotely count, screen, check, and film their cell cultures. CytoSMART’s latest microscope is the Omni, the world’s fastest live-cell imager. The company has also created a wide range of options for using the collected images to conduct experiments in its own cloud service. The additional funding will be used for product innovation, expanding product functions, and upscaling the company’s international sales and marketing.
“Since the series A round in 2016, our sales have shot up by over 300 percent,” says Joffry Maltha, CEO of CytoSMART. “In order to continue growing, it is important that we keep innovating with our products and increase our investment in marketing and sales activities in the next few years. That means we will be focusing strongly on new image-analysis applications and continued hardware development.”
CytoSMART Technologies is a technology company that develops and manufactures smart microscope systems for life science labs. The company was founded in 2012 by a team of biologists and engineers who were convinced that a new generation of miniaturized microscopes, powered by artificial intelligence and cloud technology, would allow biologists to make more easily reproducible discoveries more quickly, which would be of benefit to humanity. CytoSMART’s microscopy solutions are already used in over a thousand laboratories around the world.
About BOM Brabant Ventures
BOM (the Brabant Development Agency) works together with entrepreneurs to create a strong, sustainable, and future-proof Brabant economy. BOM uses the Brabant Ventures label to focus, using knowledge and capital, on the accelerated and future-proof growth of ambitious Brabant startups and scaleups in the high-tech systems and software, agri-food, life sciences & health, maintenance, supply chain, and bio-based economy top industries.
About Holland Capital
Over the past 37 years, Holland Capital has invested in more than 135 Dutch SMEs in a responsible and successful manner. With a clear investment strategy, Holland Capital is active in the growth markets of both healthcare and technology. The experienced and involved investment team knows what true entrepreneurship is like. With the joint goal of achieving growth, Holland Capital strives for an open, sustainable and professional relationship with the management teams of the companies in which it invests. Holland Capital is supported by a broad network of successful healthcare and technology entrepreneurs.
About Eindhoven Venture Capital Fund
EVCF II is an investment fund that contributes to the rapid growth of new and established companies alike which demonstrate a distinctive capacity in the B-2-B sector. The fund was launched on July 1, 2018 and focuses on companies that have outgrown their startup phase and have proved themselves. At this stage, these companies require fresh funding and additional expertise, experience, and networks in order to continue growing. EVCF II takes a minority interest, where applicable together with loans, in innovative growth companies.