Swift Biosciences Inc., a Michigan-based life sciences company, today announced the recent completion of a $3 million Series A financing led by the venture firm DFJ Mercury. DFJ Mercury was joined in the Series A by several Michigan-based individual investors who also helped launch the Company with seed funding in January 2010. Daniel Watkins of DFJ Mercury will join the company's Board of Directors.
"Swift Biosciences' genetic analysis technology has the potential to significantly advance molecular diagnostics and biomedical research," said Daniel Watkins, a managing director at DFJ Mercury. "The Swift team has been able to achieve excellent technical performance in testing to date. Working with entrepreneurs to commercialize this type of break-through innovation is a core element of our approach at DFJ Mercury."
Swift Biosciences is developing molecular biology reagents for research and diagnostic applications. Swift's products will provide customers with powerful new ways to examine disease-related genes. The Company also aims to help users analyze their samples faster, at higher volume, and at a lower price-per-sample. Swift's products are designed to be compatible with customers' current instrumentation.
"This funding will help us accelerate product development and customer testing," said David Olson, PhD, Chief Executive Officer of Swift Biosciences. "DFJ Mercury is an ideal partner for us as we grow from the idea stage into commercial launch. We have been fortunate to have the early support of both local and national investors."
Dr. Olson added "We have also benefited from the entrepreneurial community in the area, including our local business accelerator, SPARK, who has helped us recruit an outstanding team from across the country. The abundance of biomedical activity locally makes Ann Arbor a great place to launch a life science start-up."
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