EPFL spin-off Lunaphore raises 23 million francs
Lunaphore, an EPFL spin-off that develops pioneering equipment for cancer research and tissue diagnostics, announced that it has raised 23 million francs in Series C funding.
Lunaphore, a startup whose first product hit the European market in 2019, has announced that it has completed a new round of fundraising. The startup brought in 23 million francs in Series C, boosting its capital to 34.3 million francs. The company plans to use these proceeds to invest in the US market and develop new products.
«The spin-off device, marketed in 2019, reduces the time required to determine the type of tumour after a biopsy from a few hours to a few minutes.»
Lunaphore, which was created in 2014, develops next-generation tissue autostainers using microfluidic-based technology. Last summer it marketed LabSatTM, a system that reduces the time needed to get tumor biopsy results from a matter of hours to a matter of minutes.
This latest fundraising round was led by Japanese investor PHC Holdings Corporation (PHCHD), a global healthcare firm that owns Epredia, a company specialized in precision cancer diagnostics.
Ata Tuna Ciftlik, CEO of Lunaphore, says: “The interest of global healthcare players like PHCHD demonstrates the relevance and added value of our technology and confirms its high potential to transform the field of tissue analytics.”
Ciftlik also notes that PHC Group’s expertise and rapidly expanding network, combined with Epredia’s specialist knowledge in anatomical pathology, will help Lunaphore grow more quickly and broadly.