Maker of real-time cell analysis systems plans capacity expansion
in production, customer success, and direct sales to meet growing demand.
Lucid Scientific, the biotechnology tools company that develops and manufactures RESIPHER, announced the completion of a $3 million Series Seed financing led by Dynamk Capital.
Additional participants include Lucid’s original investor base and the Georgia Research Alliance’s Venture Fund, bringing Lucid’s total funding to date to approximately $4.5 million.
Lucid is a member company in the Advanced Technology Development Center’s ATDC Accelerate portfolio.
Proceeds from this round will help the company aggressively expand production, sales and marketing, as well as broaden product development. Dynamk Capital Managing Partner Gustavo Mahler, Ph.D., will join Lucid’s Board of Directors.
“Lucid’s platform provides a novel, affordable and easy to use technology for continuous monitoring of cell culture plates, providing a highly valuable tool for research and development activities” Mahler said. “We look forward to helping Lucid expand the commercialization of their R&D solutions.”
The financing accelerates exceptional momentum for Lucid which launched its RESIPHER product line earlier in the Spring of 2020. RESIPHER provides researchers with valuable insights into cellular metabolism that are of central importance for a wide range of therapeutic applications and drug safety considerations. RESIPHER converts standard cell culture plates into smart hand-held readers that sense real-time metabolic changes in response to potential therapeutics. This data significantly accelerates the basic research cycle by closing the gap between performing experiments and gaining actionable insight.
The company has productized its patented technology and built an early customer base that includes top research laboratories. In 2020, Lucid doubled in size and formed a distribution partnership with the Baker Company, a global leader and supplier of anaerobic and modified atmosphere solutions.
“This financing enables Lucid to dramatically expand access to RESIPHER for basic researchers and the drug discovery teams whose work directly impacts human health,” said Walker Inman, Ph.D., president and CEO of Lucid Scientific. “We are thrilled to have Gustavo and Dynamk join our team, as they provide a wealth of experience growing life science tools companies and help position Lucid to achieve our goals.”
About Lucid Scientific
Lucid Scientific (lucidsci.com) is a biotechnology tools company working to accelerate drug discovery and basic biological research by providing systems for real-time cellular analysis. Originally developed at MIT, Lucid’s patented RESIPHER system monitors cellular metabolism via non-invasive optical sensors, streaming information to researchers in real-time via a collaborative web platform. The information provided by Lucid’s systems saves time and enhances value to researchers performing millions of experiments annually. Headquartered in Atlanta, GA at the Advanced Technology Development Center (ATDC), Lucid is supported by public and private sources including Dynamk Capital and the GRA Venture Fund. For more information, visit lucidsci.com.
About Dynamk Capital
Dynamk Capital is a growth equity and venture capital firm focused on life sciences industrials. Dynamk’s investment strategy is centered on identifying companies developing disruptive technologies, tools, and services that enable the full biopharma continuum across discovery, development, and manufacturing of biotherapeutics, including cell & gene therapies and vaccines. Please visit dynamk.vc for more information.
About GRA Venture Fund
GRA Venture Fund is a public-private venture capital fund investing in research-driven, Georgia-based startup companies. The Fund makes seed, early-stage and mid-stage investments in companies. Fund investors are the State of Georgia, private individuals, corporations and foundations. For more information, visit graventurefund.org.