Molecular Diagnostics Platform Rheonix Pulls In $14M Financing
December 20, 2013
Rheonix, a developer of fully automated molecular testing solutions, has raised $14 million in a combination of debt and equity investments led by existing backers Cayuga Venture Fund and Rand Capital. The funds will be used to expand the company’s physical operations to produce consumables and systems for the fulfillment of Rheonix’s joint development agreement with Life Technologies, as well as to commercialize its first clinical, molecular diagnostic product offering.
The Rheonix expansion includes a remodeling of its existing space and the addition of new headquarters in Ithaca, NY. The new location will house the newly formed Rheonix Innovation Center, where employees will pursue opportunities and practical applications for the company’s technology through internal and external collaborations.
With the new infusion, Rheonix has raised over $33 million in funding to date, including a $6 million Series A investment that valued the company at $27.5 million in early 2012.