StemoniX Inc., a Maple Grove, Minn.-based biotech company, secured $14.4m USD in Series B funding.
The round was led by Brightstone Venture Capital with participation from initial investors Crescent Ridge Partners and SEED San Diego, as well as new investors Alumni Ventures Group, Keshif Ventures, and Mayo Clinic.
The company intends to use the funds to expand its commercial operations at its sites in Minnesota and California supporting its microBrain, microHeart, and Discovery as a Service offerings, as well as to drive development of new products and services leveraging its stem cell technologies.
Led by Ping Yeh, co-founder and CEO, StemoniX is enabling the discovery of new medicines to treat challenging diseases via assay plates containing living human microOrgans®, including electrophysiologically active neural (microBrain®) and cardiac (microHeart®) cells. The company’s products enable pharmaceutical scientists to conduct high-throughput screening in a simplified workflow. Through their SaaS branch, the company also partners with organizations to screen compounds as well as create customized microOrgan models and assays tailored to individual discovery and toxicity needs.