Rapid Micro Biosystems, maker of microbial detection technology for drug manufacturers, secured $60 million in financing to expand its global reach and develop new products.
The equity financing was led by Bain Capital Life Sciences and Xeraya Capital. Also included in the funding round were Asahi Kasei Medical, Longitude Capital, Quaker Partners, TVM Capital, and Richard K. Mellon and Sons.
Massachusetts-based Rapid Micro focuses on technology to detect microbial contamination in the manufacturing of pharmaceuticals, biologics, biotechnology products, medical devices and personal care products.
Its Growth Direct technology is a growth-based system that automatically detects contamination, helping reduce costs for drug manufacturers while increasing the quality control process, the company said. By quickly detecting microbial contamination, drug manufacturers can reduce inventory carrying costs, shorten manufacturing cycles and reduce product losses.
“The new round of investment will fuel significant business growth and strategic capability that will strengthen our ability to serve customers globally,” Robert Spignesi, Rapid Micro’s CEO, said in a statement.
Last year, Boston-based Bain teamed with the London-based private equity firm of Cinven to buy German drugmaker Stada in a $5.63 billion deal.