908 Devices, a provider of analytical devices for chemical and biomolecule analysis, on Wednesday announced it has closed $20 million in a growth equity funding round. 908 Devices plans to use this infusion of capital to accelerate penetration into already established markets for its purpose-built devices that range from rugged, handheld chemical detection tools to fast separation devices. The company said it will also be focused on product development.
New capital comes from Tao Capital Partners, a San Francisco-based family office that invests in a variety of sectors, including technology, alternative energy and transportation, healthcare, education, and sustainable food and agriculture, and is an active investor with the ability to support companies through all stages of their lifecycle.
The new capital also comes from Cormorant Asset Management, LLC, a Boston-based investment manager with investment focus in both public and private market companies in the biotechnology and life sciences marketplace. Coupled with follow-on investments from Saudi Aramco Energy Ventures (SAEV), ARCH Venture Partners, Razor’s Edge Ventures, Schlumberger, and Casdin Capital, 908 Devices says it is positioned to continue its growth trajectory.
“Our investment team identified 908 Devices as a disruptor with game-changing technologies,” said Bihua Chen, founder and portfolio manager of Cormorant Asset Management, LLC. “The demand for their point-of-need solutions in the market is absolutely clear, and we are confident in their approach to serving customers and sustaining company growth.”
908 Devices says it continues to experience increased demand for its purpose-built devices that have enhanced and streamlined analytical capabilities by way of mass spectrometry across the safety & security, life science, and applied markets.
Each device has achieved milestones in its respective industry. M908 is now in use by CBRNE and HAZMAT organizations around the world, with at least one M908 device deployed in every state across the United States.
The life science industry has responded positively to ZipChip, with seven of the top 25 global pharmaceutical companies adopting the platform less than 12 months after launch to accelerate productivity throughout the drug discovery and development processes. Further, 908 Devices has initiated field trials and testing with partners Saudi Aramco and Schlumberger, two of the world’s market leaders in the energy space, to deploy a new class of GC-HPMS devices for critical applications.
“We are delivering unprecedented analytical capabilities through our HPMS platform and smart separations devices,” said Dr. Kevin J. Knopp, President and CEO of 908 Devices. “Looking ahead, success means two things: supporting the demand associated with our current product lines and pushing the pace of innovation. With this added support, we will build on the rapid adoption our products have seen to-date and forge ahead into uncharted territories.”
(Source: 908 Devices)
