Atonarp, a leading manufacturer of molecular sensing and diagnostics products for the healthcare, pharma, and semiconductor industries, announced it has raised a $50 million Series D financing, led by WRVI Capital.
The new funding will allow the company to expand its operations to meet growing customer demand in its current markets and expedite the development and commercialization of its molecular diagnostics products.
The company has announced the appointment of Shaun Holt as its chief operating officer (COO), the statement said.
“Atonarp is developing the future of point-of-care molecular diagnostics testing,” said Nicholas Brathwaite, founding managing partner of WRVI Capital and Board Chair of Atonarp. “As one of Atonarp’s first investors, we recognized early on that the company’s breakthrough molecular sensor technology could spur innovation across industries. With its seasoned team of technologists, Atonarp will continue to expand its first-in-class, proven, and transformational molecular sensor technology platform to new industries.”
As the lead investor, WRVI Capital Founding Partner Michael Marks has been appointed to Atonarp’s Board, joining Nicholas Brathwaite who will remain involved as Board Chair.
Also participating in Atonarp’s Series D are Furukawa Electric, Japan Post Investment, Boscolo Intervest, ATI Korea, and Banner Industries. Atonarp has now raised $111M in funding to date.
“Atonarp’s goals are the same as ours,” said Yoshio Masutani, corporate vice president of Furukawa Electric. “We are delighted to support a business whose technology has a myriad of applications, but most importantly can help people make proactive health decisions through Atonarp’s non-invasive diagnostic testing platform.”
Stanford University Professor Dr. Phyllis Gardner added, “Point-of-care-testing is the future for medical diagnostics, but the industry has been hampered by costly chemistry-driven panels that require large sample volumes and centrally based laboratories for processing. Atonarp’s molecular sensors scan and store an entire digital dataset from incredibly small sample amounts. This technology can support distributed point-of-care diagnostics, which is critical to achieving predictive and proactive healthcare practices, in turn, leading to better diagnoses, treatment, and outcomes for patients.”
“We have developed the industry’s smallest, smartest, cloud-connected, plug-and-play molecular diagnostics platform that quantitatively analyze chemical processes in real-time with unprecedented detail, and are poised to broadly deploy our disruptive platform across multiple industries and market segments,” said Prakash Murthy, president and CEO, CTO, and founder of Atonarp. “We are grateful to WRVI Capital and our other investors who believe in our vision and the approach we take to revolutionize how the world uses molecular data analysis. We’re excited to have Shaun Holt on board as COO to help support our next phase of growth as we expand our product offerings for industrial and life sciences applications.”
Shaun Holt joins Atonarp as COO to focus on driving operational excellence across Atonarp’s global operations. Before Atonarp, Holt was the chief financial officer for Berkeley Lights, Inc., where he led the digital cell biology company through its $205M initial public offering. He brings more than 20 years of experience leading finance, accounting, operations, manufacturing, supply chain, product development processes, and customer success functions across various technology and life sciences companies from start-ups to large-capitalization companies.
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