Lucid Scientific announced the completion of a $7 million Series A financing led by IAG Capital Partners. Additional participants include Lucid’s original investor base, the Georgia Research Alliance’s Venture Fund, and Dynamk Capital, bringing Lucid’s total funding to date to approximately $13 million. Proceeds from this round will help the company aggressively expand production, sales and marketing, as well as broaden new product advancements. IAG Venture Partner Dr Ehsan Jabbarzadeh will join Lucid’s Board of Directors.
“We are thrilled to partner with Lucid Scientific to market a ground-breaking technology for real-time analysis of cell metabolomics,” said Dennis Sacha of IAG Capital Partners. “The platform will provide scientists with a powerful tool to understand dynamic biological responses and the discovery of cures for most difficult diseases.”
The financing accelerates exceptional momentum for Lucid, and for their upcoming launch of new Resipher hardware and consumable products this fall. 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 readers that detect and report metabolic changes in real-time. This data significantly accelerates the cell culture research cycle by bridging the gap between performing experiments and gaining actionable insight.
“This financing enables Lucid to continue improving the Resipher line of products for researchers and drug discovery teams whose work directly impacts human health,” said Dr Walker Inman, CEO of Lucid Scientific. “We are excited to have Ehsan and IAG join our team, as they provide a wealth of experience and help position Lucid to achieve our goals.”