A Diagnostics & Imaging Week

Microchip Biotechnologies (MBI; Dublin, California) reported completing its Series A investment round. A total of $4.5 million was secured, including equity and amounts based on further product development.

The round was co-led by In-Q-Tel, a venture capital fund that identifies technologies to support the missions of the Central Intelligence Agency (CIA) and the larger intelligence community, and RONA Syndicates, a privately held Silicon Valley-based venture group. MBI develops products based on a patent-pending Microscale On-chip Valve (MOV) using nanofluidics.

The proceeds will accelerate the development of MBI's first commercial products, develop portable forensics devices for DNA typing and fund the infrastructure necessary for rapid prototyping and manufacturing of nanofluidic microchips.

Scott Yancey, president/CEO of In-Q-Tel, said, "MBI's technology also has the potential to create a tipping point in the development of field-portable integrated solutions and next-generation laboratory instrumentation, providing high value technology solutions for both federal and commercial markets."