ATLANTA, Georgia (September 30, 2020) – Lucid Scientific, the biotechnology tools company that develops and manufactures RESIPHER, announced the completion of a $3 million Series Seed financing led by Dynamk Capital. Additional participants include Lucid’s original investor base and the Georgia Research Alliance’s Venture Fund, bringing Lucid’s total funding to date to approximately $4.5 million. Proceeds from this round will help the company aggressively expand production, sales and marketing, as well as broaden product development. Dynamk Capital Managing Partner Dr. Gustavo Mahler will join Lucid’s Board of Directors.
“Lucid’s platform provides a novel, affordable and easy to use technology for continuous monitoring of cell culture plates, providing a highly valuable tool for research and development activities”said Gustavo Mahler. “We look forward to help Lucid expand the commercialization of their R&D solutions.”
The financing accelerates exceptional momentum for Lucid which launched its RESIPHER product line earlier in the Spring of 2020. RESIPHER provides researchers with valuable insights into cellular metabolism that are of central importance for a wide range of therapeutic applications and drug safety considerations. RESIPHER converts standard cell culture plates into smart hand-held readers that sense real-time metabolic changes in response to potential therapeutics. This data significantly accelerates the basic research cycle by closing the gap between performing experiments and gaining actionable insight.
The company has productized its patented technology and built an early customer base that includes top research laboratories. In 2020, Lucid doubled in size and formed a distribution partnership with The Baker Company, a global leader and supplier of anaerobic and modified atmosphere solutions.
“This financing enables Lucid to dramatically expand access to RESIPHER for basic researchers and the drug discovery teams whose work directly impacts human health,”said Dr. Walker Inman, president and CEO of Lucid Scientific. “We are thrilled to have Gustavo and Dynamk join our team, as they provide a wealth of experience growing life science tools companies and help position Lucid to achieve our goals.”