Rheonix, Inc., a Ithaca, New York-based spin out of the microfluidic division of Kionix, Inc., secured a $250,000 equity funding from Rand Capital Corporation (Nasdaq:RAND), a business development company that provides capital and managerial expertise for small to medium-sized private companies.
Cayuga Venture Fund III, L.P., Onondaga Venture Capital Fund, LLC and angel investors also participated in the financing round.
Rheonix’s novel CARD (Chemistry And Reagent Device) microfluidic technology provides an automated diagnostic platform with applications in a broad spectrum of markets including human and veterinary in vitro diagnostics, biopharmaceutical manufacturing, food and beverage manufacturing, food&water safety testing, and homeland security&defense applications.
Commenting on the financing, Anthony Eisenhut, President and CEO of Rheonix, said: “Our investors have recognized the world class science that has produced such practical, yet powerful innovations. We value their support as we ramp up efforts to commercialize a series of molecular diagnostic assays aimed at the infectious disease market”.
Following the 2008 acquisition of Innovative Biotechnologies International, Inc., Rheonix has a separate Corporate Development and Scientific Affairs facility in Grand Island, New York.