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Holland Venture and BOM Invest in CytoSMART: Digital Microscopic Imaging in the Cloud
Private equity firm Holland Venture and the Brabant Development Agency (BOM) are together investing in CytoSMART Technologies.
Founded in 2012 under the name CytoMATE, CytoSMART is a spin-off of Eindhoven University of Technology (TU/e). The company develops smart devices for use in laboratories around the world. The first product, CytoSMARTTM Lux, is a small digital microscope that can be used to continually monitor cell cultures in a CO2 incubator and send the images straight to the cloud, where they can then be examined by an analysis tool.
The current cell culture process is a time-consuming, error-sensitive process, and throughout the process is a black box for lab technicians. During the cell culture, only a brief visual inspection is made. Actual growth can only be measured afterwards. This is because the cells have to be taken out of the incubator, which has a detrimental impact on the optimum conditions in the incubator, potentially influencing the results. In this way, the lab technician only finds out at the end of the process whether the culture has been a success or not. Using the CytoSMART device, the cell culture can be monitored in real time, making it possible to make adjustments throughout the process. Furthermore, CytoSMART has developed a number of smart software tools that can perform a more accurate analysis of the cell culture.
“The lack of real-time data on a cell culture is a problem that all laboratories face. Our product offers a solution to this and makes it possible to monitor and analyze this information using any device. To continue to innovate, we will have to further expand our operation and focus on product development. Having Holland Venture and BOM on board will enable us to do just that. They understand what innovative medtech businesses need to realize their ambitions,” says Joffry Maltha, CEO of CytoSMART.
Ewout Prins, a managing partner of Holland Venture, is pleased with the investment: “CytoSMART has an innovative technology which can add significant value in the medtech sector. The products and software tools of CytoSMART enable biomedical research to be completed more quickly, more efficiently and more accurately. This makes the business a very good match for the investment focus of our health care innovation fund. We look forward to actively supporting the growth of CytoSMART as it moves to the next level.”
“CytoSMART has developed a unique platform technology for real-time imaging systems for use in laboratories. The product developments of CytoSMART prove that the medtech ecosystem in Brabant province works and holds even further potential. BOM will make an active contribution to the further development and growth of CytoSMART and to this very promising industry,” says Miriam Dragstra, Director of BOM Capital.
About Holland Venture
Holland Venture was founded in 1981, making it one of the first independent private equity firms in the Netherlands. In the past 30 years, we have successfully and responsibly invested in more than 120 small and medium-sized Dutch businesses. With a clear investment strategy, we are active in the attractive growth markets of Healthcare and Technology. Our experienced and committed investment team knows what entrepreneurship is, and they aim for an open, sustainable and professional relationship with the management teams of the businesses we invest in, with the common goal of achieving growth. Holland Venture is supported by a broad-based network of successful entrepreneurs in the Healthcare and Technology sectors.
About the Brabant Development Agency (BOM)
Innovative solutions to social issues are the driving force of economic development. BOM supports business owners in a variety of ways in order to help the economy of Brabant province grow. BOM invests venture capital in innovative businesses in the start-up and growth phases, we forge collaborative links between businesses, we attract foreign businesses, and we develop and redevelop industrial sites. To date, BOM has invested in 16 businesses in the life sciences and medtech sectors. BOM is based in Tilburg and currently has a workforce of around 90 people.