Aspect Biosystems, a Canadian biotech company specializing in microfluidic 3D bioprinting, has raised $20 million (USD) through a Series A investment round. The funding will enable the bioprinting company to accelerate its work by advancing multiple tissue therapeutic programs, expanding its technology platform and growing its team.
The $20 million funding round was led by Radical Ventures, a VC firm focused on deep tech companies that are using their technology to “solve global problems.” Other investors included Pangaea Ventures, Pallasite Ventures, and Rhino Ventures.
Jordan Jacobs, managing partner at Radical Ventures, said of the investment: “We are very excited to partner with the excellent Aspect team to support the growth of their world-leading 3D bioprinting platform and the development of breakthrough technologies aimed at radically transforming human health.”
Based in Vancouver, Aspect Biosystems has pioneered a bioprinting platform that enables the production of living human tissues. The microfluific bioprinting technology, which allows for high degrees of control, flexibility and precision, is already being leveraged for a range of applications, including cancer drug screening and brain disease research.
Aspect Biosystems also collaborates with many partners across the globe to “create high-values solutions that will transform medical research and clinical practice.”
One of these partners is the Institute for Technology-Inspired Regenerative Medicine (MERLN) at Maastricht University in the Netherlands. A year ago, MERLN installed an RX1 Bioprinter for the purpose of developing kidney tissue. As part of the collaboration, Aspect Biosystems is able to leverage the research to further develop its products for commercialization.
With $20 million funding added to its capital, Aspect Biosystems will continue to drive its bioprinting platform development ahead.
“We are thrilled to close this important institutional financing round with a group of world-class investors who believe in our bold vision,” commented Tamer Mohamed, CEO of Aspect Biosystems. “This funding speaks to the power of our technology and strategy in addressing multiple applications in therapeutic discovery and regenerative medicine, and will allow us to accelerate internal innovation and expand our global partnerships. With our technology platform, interdisciplinary team of scientists and engineers, and leading collaborators, we are developing a new wave of solutions that have the potential to transform how we heal injury and disease.”