Parallel Fluidics Secures $7M Seed Round to Accelerate Microfluidic Development for the Next Generation of Life Science Tools
BOSTON, Nov. 7, 2024 /PRNewswire/ — Parallel Fluidics, the fastest microfluidic device manufacturer in the world, announced the close of its $7M seed round, led by J2 Ventures with participation from 8VC and Praxis. The funding will help drive the growth of the company’s on-demand design and manufacturing platform, expand its hardware and software solutions, and commercialize its new product, MV-2.
Diagnostics, drug discovery, precision medicine, sequencing, and cell therapy verticals are quickly shifting towards microfluidics, a technology where scientific tests can run at microscopic scales, allowing life science companies to achieve the next level of precision, speed, and throughput. Today, the global microfluidics market is a $32B industry currently and is expected to reach $117.13B by 2031 but is held back by design and supply chain challenges.
“Scientists and engineers developing the next breakthrough life science technology shouldn’t be forced to reinvent the wheel when it comes to microfluidic systems, especially in applications like point-of-care diagnostics,” said Jon Bronson, PhD, Managing Partner and co-founder of J2 Ventures. “With clients including academic labs, venture-backed startups and large biotech companies, Parallel Fluidics is making a huge impact with its on-demand microfluidic manufacturing services. Their products eliminate the common development risks, and accelerate the timeline from concept to launch by delivering production-ready devices in as little as three days – a true game changer for time-sensitive, cost-effective R&D.”
“While more life science products are built with microfluidics, scientific teams have historically struggled with engineering and manufacturing challenges unrelated to their novel technology, such as flow control, automation, and the chip-to-world interface, said Josh Gomes, CEO and co-founder of Parallel Fluidics. “At Parallel Fluidics, we are on a mission to help scientific teams build scalable and reliable products to identify diseases faster and develop more effective medicines. With the new funding, we’ll be able to scale up our on-demand manufacturing service, expand our hardware library, and develop new design and analytics software to power the next generation of life science tools.”
Parallel Fluidics’ hardware library offers an array of off-the-shelf hardware solutions to solve engineering challenges in microfluidics, reducing the cost and time for customers to develop new products. The MV-2 is Parallel’s latest addition, an innovative microvalve that enables products to work at the point-of-care, like a doctor’s office, clinic, or hospital, instead of only in laboratory environments. Overture Life, an exciting life science startup simplifying in-vitro fertilization procedures, is using the MV-2 to control flow in their next-generation system.
“In order to provide advanced care in fertility treatments such as IVF, precise fluid control and the ability to manage sensitive biological samples without being wasteful are critical. Solutions like Parallel Fluidics’ microfluidic systems are filling that gap with their microvalves and enabling faster, more reliable processes that can help us enhance patient outcomes and drive innovation in reproductive medicine,” said Lionel Matthys, Chief Product Officer, Overture Life.
About Parallel Fluidics
Parallel Fluidics accelerates the pace of discovery for scientific teams with the world’s first on-demand microfluidic manufacturing service. By offering production-grade devices from day one, Parallel eliminates the risks that slow down development and provides the shortest path from a concept to a successful microfluidic product. Parallel Fluidics is already making a transformative impact across life sciences verticals such as diagnostics, drug discovery, precision medicine, sequencing, and cell therapy – empowering innovators to accelerate breakthroughs and improve patient outcomes. For more information about Parallel Fluidics, visit www.parallelfluidics.com.
About J2 Ventures
J2 Ventures is a $250M+ AUM deep-tech venture capital firm based in Boston, investing in sectors critical to national security and private sector advancements, including advanced computing, cybersecurity, telecom and infrastructure, and biomedical engineering. For more information about J2 Ventures and its initiatives, please visit https://www.j2vp.com/.
Media Contact:
Liang Zhao
Vansary for Parallel Fluidics
lz@vansary.com
505-720-6933
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SOURCE Parallel Fluidics
