Diagnostic HYBRIDS Receives Investment From Summit Partners
Diagnostic HYBRIDS, the world’s largest cell culture provider, announced today that it has received a $10 million minority investment led by Summit Partners, a leading private equity and venture capital firm with more than $5.5 billion in capital under management. Kenson Ventures, LLC, a venture capital firm focusing on biotechnology and life science investments, also participated in the investment.
With this funding, Diagnostic HYBRIDS plans to fund new research and development initiatives, expand its facilities, and pursue technology and company acquisitions.
Founded in 1983, Diagnostic HYBRIDS develops and manufactures genetically engineered tissue cell cultures, monoclonal antibody kits, and biological reagents for hospital and commercial medical laboratories. More than 700 laboratories across North America and Europe use the products and reagents to diagnose viral diseases and identify the presence of auto-antibodies in serum.
The company offers more than 300 products, including brand names such as ELVIS® HSV, FreshCells™, Mixed FreshCells™and ReadyCells™. These products offer laboratory technicians a rapid, cost-effective diagnostic solution to an otherwise lengthy and expensive process.
“Diagnostic HYBRIDS has become a world-class diagnostic company by
developing high quality, innovative products and delivering premium
customer service to our customers,” said Dr. David Scholl, Diagnostic Hybrids'
President and CEO. “We see an ever increasing opportunity to extend
our capabilities into new products and new technologies. Our
partnership with Summit Partners and Kenson Ventures will enable us to
take advantage of the exciting opportunities before us, to accelerate
these advances to our customers, and continue to develop and grow as an
organization in southeast Ohio.”
Harrison B. Miller, a General Partner in Summit‘s Palo Alto office, will join Diagnostic Hybrids' Board of Directors. “We are delighted to be an investor in Diagnostic Hybrids and look forward to working closely with Dr. Scholl and his exceptional management team,” said Miller. “This rapidly growing company is poised to build on its strong reputation through introduction of new products and new technology.”
Dr. Kenneth Fong, founder of Kenson Ventures and also founder and former CEO of CLONTECH Laboratories, a former Summit Partners’ portfolio company that sold in 1999 to Becton Dickinson, will join Miller on the Diagnostic HYBRIDS Board of Directors.
About Summit PartnersSummit Partners is a leading private equity and venture capital firm. The firm has a capital base of more than $5.5 billion, with offices in Boston, Palo Alto and London. Formed in 1984, Summit Partners has provided growth equity, recapitalization and leveraged buyout financing to more than 255 companies, which have completed more than 105 public offerings and 85 strategic mergers or sales. Summit Partners seeks outstanding management teams that have self-financed their companies to profitability and market leadership in a broad range of emerging growth industries, including technology, healthcare, business and financial services, and industrial and consumer products. For more information, visit www.summitpartners.com .
About Kenson VenturesKenson Ventures, LLC is a California-based venture investment limited liability company founded in 1999. It is located in Menlo Park, a town 25 miles south of San Francisco and in the hub of Silicon Valley. Kenson Ventures provides seed money/funds and strategic advice to start-ups, partnerships, and established companies focusing in the biotechnology and life science areas. Kenson Ventures also considers and participates in co-investment with other institutions. The range of investment varies from $200,000 to $2 million U.S. dollars. For more information, visit www.kensonventures.com .
### The business of Summit Partners in the UK is regulated by the Financial Services Authority.
