RENO, Nev., Feb. 9, 2021 /PRNewswire/ -- Bioelectronica Corporation ("Bioelectronica") today announced the closing of an investment by Proxima Ventures and Co-win Ventures to advance the company's innovations in digital biochemistry, from novel assay development to scalable electrofluidics. The Series A investment was led by Proxima Ventures with follow-on investment by Co-win Ventures. The team at Proxima, experienced investors in biotech and medical devices, are headed up by Founding Partners Luke Sun and George Li. Contributing to earlier financing with Co-win, whose healthcare practice is led by Xin Huang, were Intuitive Private Equity and Rising Tide VC.
With this new round of financing, Bioelectronica says it plans to expand the team, drive new applications in cell line development and antibody discovery for the Hypercell® platform. The capital will also be used for scaling the numbers of clients served through product sales of Hypercell®, custom assay development and contract research.
"Bioelectronica is pleased to have Proxima Ventures and Co-win Ventures as partners as we continue to develop and launch Hypercell®, our proprietary single cell sorting platform that uses computer vision, data science, and lensless imaging to enable single cell sorting assays with unprecedented throughput. Bioelectronica is enabling researchers to accelerate early identification of productive cells in antibody discovery and development using high-speed automation embedded in our patented Computer Vision Single Cell Sorting (CVSCS) system that uses proprietary algorithms and real-time analytics," said Jonathan Hull, Co-Founder and CEO. "By improving workflow efficiencies when Hypercell® is deployed, we have the potential to truly enable R&D teams to build their product pipelines and patents at rates not seen before."
Luke Sun added, "We are excited to have this opportunity to work together with the Bioelectronica team. We believe its innovative Hypercell® platform can make significant contributions to the Biotech and Pharma industries worldwide."
"We have been impressed with Bioelectronica's elegant and viable solutions to some of the most difficult problems researchers experience working with biologics," said Xin Huang, further adding, "With Industry facing ever increasing challenges to remain competitive, step change innovations like Bioelectronica's can help maintain this edge."
About Bioelectronica
Bioelectronica is a research-stage biotechnology company building intelligent, digital tools for drug discovery, cell screening and cell sorting. Bioelectronica's platform technology combines computer vision, biochemical reagents and consumer electronics to accelerate discovery. We believe that by transforming biochemistry through digital innovation, we fundamentally change the speed and price of therapeutics discovery and development. For more information on how your workflow can benefit from Bioelectronica's step change innovation, reach out to Jonathan Hull at hello@bioelectronica.com. Bioelectronica® and ® are registered trademarks of Bioelectronica. Hypercell® is For Research Use Only.
About Proxima Ventures
Shanghai-based Proxima invests in enterprises with innovative technologies that have tremendous potential to bring meaningful improvements to public health. With a large network of industry partners and networks with hospitals, Proxima Ventures' multidisciplinary team brings market intelligence to its investments, furthering growth and success of portfolio companies. Learn more about Proxima Ventures at www.proximavc.com
About Co-win Ventures
Founded in 2009, Co-win Ventures focuses on early-stage technology-based enterprise investment in the sector of healthcare and TMT with dual currency RMB and US dollar, and advocates a team culture of equality, transparency, sharing and innovation. It has operated 17 different funds with a total management scale of over RMB 5 billion and has provided funding and resource support to over 120 outstanding teams and projects. Co-win Ventures has helped a large number of companies such as Taimei Medical Technology, Genecast, Huake Precision, Thrive and Cytek to stand out in their respective niche areas, and also helped more than 10 companies such as Innolight Technology (300308), Memsensing (688286). Eastsoft (300183), New Vision (000008), Aolian Electronics (300585), Sanchao Advanced Material (300554) successfully list.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding Bioelectronica's future plans and the potential of its CVSCS system. Important risks and uncertainties that could cause actual results to differ materially from our expectations include, among others, risks related to general economic conditions and customer preferences. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
