With its first round of $100 million in hand, a new investment firm has emerged to help fund and mentor up-and-coming businesses that are developing tools and tech that can help reduce manufacturing costs.
There’s a gap in the market for manufacturing tech for new approaches like cell and gene therapies and exosomes, BioProcess360 Partners CEO Chris Major told Endpoints News in an interview. Current tools are outdated, leading to inefficient processes, lower yields and higher manufacturing costs, he added.
And so, the Florida-based life science investment firm will fund companies developing manufacturing tech like analytical tools or artificial intelligence. The investment could be used for an array of needs, including building a facility or hiring a sales and marketing team, Major added.
“Our mission is to really help entrepreneurs take this dream and let them see that dream,” he said.
The firm has already made one investment with an unnamed company and there are six more lined up, which are anticipated to close in the third quarter, Major said. Access to capital is “not a problem” and it is ready to inject more cash after this initial $100 million round, he added.
On top of the financial support, BioProcess360 will also offer advice to the companies, Major said. The firm was co-founded by Major, who led chemical manufacturer Purolite until its acquisition by Ecolab in 2021. Rabbit Run Partners’ chief investment officer Bradford Beatty is also a founder, who has decades of experience at different investment firms. BioProcess360 has a team of 14 employees.
The firm also has a wide network in the manufacturing arena and can offer exposure to major players like Lonza and Thermo Fisher, Major said, adding that this can provide potential licensing or M&A opportunities.