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Arryx Takes $2.1 Million in Series B
By VentureWire Staff Reporters
3/29/2002
CHICAGO -- Arryx, a provider of laser systems for the pharmaceutical and biotech industries, announced that it has received $2.1 million in Series B funding.

Lewis Gruber, co-founder and CEO of Arryx, said that terms for the round were set by Arryx management. New investors in the round included Fahnestock Venture Capital Fund and ARCH Development Fund. Existing shareholders, including Draper Fisher Jurvetson and East Lake Partners, also participated.

This was an up round, with a post-money valuation of $10.9 million. After this round, approximately 56% of the company's shares are held by outside investors. The new funds are expected to last until the end of the year, with an additional round of funding anticipated this year, depending upon market conditions. Proceeds from the Series B round will be used for sales and marketing of the company's first product, the BioRyx 200 system, as well as for the development of new products and for general corporate purposes.

The BioRyx 200 system enables scientists to use laser beams for manipulating microscopic objects independently and simultaneously in three dimensions for drug development and therapeutic research. The platform is based upon Arryx's flagship technology, holographic optical trapping, which also has applications in nanotechnology, in semiconductor and display manufacturing, and in manufacturing optical telecommunications equipment. Products under development using the technology include dynamically-reconfigurable biochips, automated cell sorters, and purification equipment.

There were no changes to Arryx's three-seat board as a result of the round. Outside directors on the board are Tom Churchwell, president of ARCH Development Fund; and Dan Pappano, president of East Lake Partners.

Founded in November 2000, Arryx has raised approximately $5 million in two funding rounds. The company's core technology was developed at the University of Chicago, which is also a shareholder.

Arryx has ten employees, with expansion planned for scientific and business development groups.

http://www.arryx.com