StemoniX Secures $14.4 Million Series B Funding to Accelerate Stem Cell-Based Drug Development

VCBeat (WeChat Official Account: vcbeat) has learned that biotechnology company StemoniX® announced the completion of a $14.4 million Series B financing round on February 28, 2019. The round was led by Brightstone Venture Capital, with participation from Crescent Ridge Partners, SEED San Diego, Alumni Ventures Group, Keshif Ventures, and Mayo Clinic.

The funds from this round of financing will be allocated to two areas. First, to advance the development of the novel microOrgan® platform and accelerate the production of new stem cell-based therapies; second, to increase operational funding for StemoniX® facilities in Minnesota and California.

StemoniX® is a biotechnology company headquartered in Minnesota, USA, founded in 2014. The company develops drugs by testing human micro-organs, such as neural circuits (microBrain®) and cardiac cells (microHeart®).

StemoniX®’s microOrgan platform employs scalable, large-batch manufacturing processes for drug production, enabling high-throughput drug screening. This delivers safer and more effective therapies to patients while significantly reducing time and cost burdens for the pharmaceutical industry.

MicroBrain 3D can reflect the structural and functional status of human brain tissue, providing reliable support for neurological drug discovery and neurotoxicity research. The MicroHeart® platform, developed by StemoniX®, won the “2018 Edison Award™” and is used for cardiac drug discovery and drug safety studies. Both the MicroHeart® platform and MicroBrain 3D have received the “CONNECT Most Innovative Product Award.”

“StemoniX®’s customer base is growing at an impressive pace,” said Patrick O'Shaughnessy, Partner at Brightstone Venture Capital. “StemoniX® remains deeply committed to product development, as evidenced by its ongoing preparations for trials of the microBrain® 3D platform. We are delighted to partner with StemoniX®. Brightstone Venture Capital will continue to monitor and invest in projects within the field of stem cell research.”

“Ping Yeh, Co-Founder and CEO of StemoniX®, stated, ‘We are deeply grateful to every investor. StemoniX® will continue to focus on the field of stem cell technology, making its own unique contributions to the medical cause.’”

Brightstone Venture Capital is a venture capital firm based in Minnesota, United States, founded in 1985. The firm currently manages $100 million in venture capital funds, primarily investing in early-stage life sciences companies and growth-stage technology enterprises.

Crescent Ridge Partners Ventures is a venture capital fund based in California, United States, primarily investing in startups and technology companies.

SEED San Diego is a venture capital firm based in California, United States, established in 2015. The firm primarily focuses on the life sciences sector and invests in start-up companies.

Alumni Ventures Group is a venture capital firm based in New Hampshire, United States, founded in 2013. The firm primarily invests in technology companies and provides financial support and services to individual investors.

Keshif Ventures is a venture capital firm based in California, United States, founded in 2012. The firm primarily focuses on the fields of life sciences, cloud computing, and big data.

Mayo Clinic was founded in 1863 and is headquartered in Florida, United States. Building on its advanced medical education system and world-leading medical research, the clinic has established the largest and most technologically advanced integrated healthcare system in the United States. In the 2014 U.S. News & World Report rankings of the best hospitals in the United States, Mayo Clinic ranked first.

(Compiled by Hu Xuan)