Cell analysis player Cytek raises $120m Series D
RA Capital and Hillhouse Capital have led a $120 million Series D round for Cytek Biosciences, a California-based cell analysis start-up founded by a former professor at Shanghai's Fudan University.
Other investors include OrbiMed and Lyfe Capital. Existing backers Northern Light Venture Capital, 3E Bioventures, Sherpa Capital, and Wudaokou Investment all re-upped. Proceeds will be used for global expansion and technology platform development.
Cytek is the outcome of a 2014 merger between Cytek Development and Cytoville, a manufacturer of advanced medical instruments. Cytek Development was founded in 1992 by Eric Chase, a scientist who established ties with Fudan in 2011.
The company, which has operations in China, Japan, and Europe as well as in the US, advances cancer and cell biology research using a powerful cell analysis technique called flow cytometry. Its cell analysis system detects the full spectrum of fluorescent particles labeled on each cell, which “represents the first big technological leap in flow cytometry in decades,” according to a statement.
Cytek launched its flagship product, the Aurora, in 2017. The company's objective is to provides compact, affordable instruments to medical researchers, scientists, and clinicians. Clients include drug developers, contract research organizations, and cancer research institutions.
Northern Light Venture Capital and 3E Bioventures led Cytek's Series C in 2018. This followed a $12 million Series B in 2017, provided by Hong Kong-based Easy Prosperity, and a $12.25 million Series A led by Easy Prosperity, F-Prime Capital (formerly Fidelity Biosciences) and Eight Roads Ventures. F-Prime and Eight Roads are both stand-alone affiliates of Fidelity International.
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