Investments

Aspect Biosystems, a Canadian biotech startup co-founded and led by an Egyptian entrepreneur, raises $20 million Series A

Vancouver-based biotech startup Aspect Biosystems that is co-founded and led by an Egyptian-Canadian entrepreneur Tamer Mohamed has raised $20 million (CAD 26 million) in a Series A round, it announced today. The round according to the statement was led by Radical Ventures with participation from existing and new investors, including Pangaea Ventures, Pallasite Ventures, and Rhino Ventures.

Endure Capital, the regional VC that has offices in Cairo and Palo Alto, that was one of the early backers of Careem, had participated in Aspect Biosystems’ previous funding rounds in 2016 and 2017. Endure Capital was, in fact, the first investor in the company.

Founded in 2013 by Tamer Mohamed, Konrad Walus, Sam Wadsworth, and Simon Beyer, Aspect Biosystems has pioneered a platform that uses microfluidics and 3d bioprinting to create living, human tissues with “unprecedented control, flexibility, and precision” for medical research, therapeutic discovery, and regenerative medicine products. The tissues, Aspect Biosystems, says are created with unprecedented control, flexibility, and precision.

The startup, per statement, works with its global partners to create high-value solutions that will transform medical research and clinical practice.

“Aspect is focused on partnering with academic institutions and biopharma companies to facilitate high-value discovery and development. The Company is also advancing internal tissue therapeutic programs for regenerative medicine, with an initial focus on metabolic diseases and musculoskeletal injuries and disorders,” says the statement.

Tamer Mohamed, CEO, Aspect Biosystems, commenting on the occasion, said, “We are thrilled to close this important institutional financing round with a group of world-class investors who believe in our bold vision. This funding speaks to the power of our technology and strategy in addressing multiple applications in therapeutic discovery and regenerative medicine, and will allow us to accelerate internal innovation and expand our global partnerships.

“With our technology platform, interdisciplinary team of scientists and engineers, and leading collaborators, we are developing a new wave of solutions that have the potential to transform how we heal injury and disease,” he added.

Jordan Jacobs, Managing Partner, Radical Ventures said, “We are very excited to partner with the excellent Aspect team to support the growth of their world-leading 3D bioprinting platform and the development of breakthrough technologies aimed at radically transforming human health.”

The startup plans to use the investment to advance multiple tissue therapeutic programs, expand its technology platform capabilities, and grow its world-leading team.

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