The Egyptian-fronted startup will leverage the funds gained to accelerate innovation and strengthen global partnerships.
Vancouver-based biotech startup Aspect Biosystems, which is co-founded and led by an Egyptian-Canadian entrepreneur Tamer Mohamed, has raised $20 million (CAD 26 million) in a Series A round. As announced in a statement, the investment round was led by Radical Ventures with participation from existing and new investors, including Pangaea Ventures, Pallasite Ventures, and Rhino Ventures, as well as Endure Capital. The regional VC with offices in Cairo and Palo Alto, also accounts as the first investor in the company backing them up in previous funding rounds in 2016 and 2017. The startup plans to use the investment to push forward their tissue therapeutic programmes, expand the capabilities of its technology platform, and grow its world-class team.
“We are very excited to partner with the excellent Aspect team to support the growth of their world-leading 3D bioprinting platform and the development of breakthrough technologies aimed at radically transforming human health,” says Jordan Jacobs, Managing Partner at Radical Ventures.
Established in 2013 by Tamer Mohamed, Konrad Walus, Sam Wadsworth, and Simon Beyer, Aspect Biosystems has engineered a platform that uses microfluidics and 3D bio-printing to create living, human tissues for medical research, therapeutic discovery, and regenerative medicinal products. According to Aspect Biosystems, the tissues are created with unprecedented control, flexibility, and precision. By working with global partners, the startup aims to create high-impact solutions that will disrupt modern medical research and clinical practice models.
“We are thrilled to close this important institutional financing round with a group of world-class investors who believe in our bold vision. This funding speaks to the power of our technology and strategy in addressing multiple applications in therapeutic discovery and regenerative medicine, and will allow us to accelerate internal innovation and expand our global partnerships,” says Tamer Mohamed, CEO of Aspect Biosystems. “With our technology platform, interdisciplinary team of scientists and engineers, and leading collaborators, we are developing a new wave of solutions that have the potential to transform how we heal injury and disease,” he added.
Furthermore, Aspect is focused on partnering with academic institutions and leading companies in the field to facilitate further exposure and development. The company also plans to advance internal tissue therapeutic programmes for regenerative medicine, with a main focus on metabolic diseases, as well as muscle and bone-related injuries and disorders.
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