Quaker BioVentures, a venture capital firm based in University City’s Cira Center, has been on a roll the past month.
In June, partner David King was named to the board of the University City Science Center and the company was profiled in the Wall Street Journal for shifting some of its resources from biotech to medical devices.
The good news continued yesterday when it was announced that Quaker was one of the Series A investors in Rapid Micro Biosystems, a company that makes technology to detect troublesome microbes that can slow down the drug-making process.
When Technically Philly asked for the exact share Quaker BioVentures invested, the company said it does not disclose amounts.
Rapid Micro’s viral detection technology has already been commercialized and the company hopes the additional investment will help it expand to new markets including Europe.
When unwanted microbes sneak into vats where drugs are being made the effect can be disastrous for large drug companies who often have to shut down production and face supply shortages, according to xconomy. Drug-maker Genzyme may stand to lose $300 million in the wake of its plant shutdown over contaminated vats.
The Boston-based Rapid Micro Biosystems secured $18.6 million from three other investors along with Quaker, including California-based Kleiner Perkins Caufield & Byers, Boston-based TVM Capital and Boston-based VIMAC Milestone Medica Fund; leaving Quaker as the lone local representation in the funding round.
Quaker BioVentures partner Richard Kollender will join the board as part of the deal.-30-