Sofie Biosciences said Tuesday that it has closed $5 million in Series A financing. Tata Industries led the round with participation from existing investors MRM Capital and the Cycad Group. Based in Culver City, Calif., Sofie Biosciences is a provider of molecular imaging probes and devices for scientists and physicians.
CULVER CITY, Calif., Oct. 15, 2013 /PRNewswire/ — Sofie Biosciences (SOFIE), a diagnostics company that provides molecular imaging probes and devices to help scientists and physicians investigate the biology of disease, announced today that it has raised $5M in a Series A financing.
Based on their belief in the SOFIE team, the founders, and the technology, Tata Industries through its wholly owned subsidiary, led the Series A round, with other existing investors including MRM Capital and the Cycad Group. These funds will be used to further develop technologies to reduce the cost and complexity, while increasing the availability of Positron Emission Tomography (PET) imaging and its application base. One of the most promising developments is a self-shielded microfluidic chip-based synthesizer for on-demand PET probe production.
“Closing the Series A is an important milestone for SOFIE. It will augment revenue from our growing instrument business, as well as funds brought in by grants and contracts, including $1.8M awarded this month by the NIMH. Together, these will enable the team to accelerate and expand SOFIE’s product pipeline,” said President & CEO, Patrick Phelps.
A spinout of UCLA and Caltech, SOFIE was founded in 2008 by a group of scientists, physicians, and industry professionals who have long worked toward increasing the diversity and value of PET imaging probes by removing barriers that limit access.
About Sofie Biosciences
SOFIE is combining the discovery and development of new PET imaging probes with innovative imaging systems and chemistry platforms to provide researchers and physicians with tools to better understand the biology of disease. By empowering a wide array of people with valuable, translational imaging systems and probes, SOFIE is aimed toward making PET imaging more accessible and increasing the diversity of its applications. For more info, visit www.sofiebio.com.
About Tata Industries
Tata Industries promotes the Tata group’s entry into new and high-technology businesses. It has initiated and promoted several Tata ventures in sectors like control systems, IT, auto components, advanced materials, telecom hardware and services. The Tata group, which champions deployment of technology for consumer-centric benefits, operates in seven business sectors: materials, engineering, IT and communications, energy, services, consumer products and chemicals.
About Tata Group
The Tata group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. The total revenue of Tata companies, taken together, was $100.09 billion (around Rs. 475,721 crores) in 2011-12, with 58 percent of this coming from business outside India. Tata companies employ over 450,000 people worldwide. The Tata name has been respected in India for more than 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly listed Tata enterprises and they have a combined market capitalisation of about $100.54 billion (as on October 3, 2013), and a shareholder base of 3.9 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels. For more information, visit: www.tata.com.
About Cycad Group
Cycad Group is a venture capital firm focused on investments in companies with enabling solutions, disruptive technologies and innovative products. We actively pursue investment opportunities in the life sciences, energy production, advanced materials and chemical processes. With experience investing in all phases of development, from start-up through PIPE transactions, Cycad Group seeks opportunities to work with exceptional entrepreneurs creating technology-driven businesses. For more information, visit: www.cycadvc.com.