NEWS: Bioscience Startup Seeking $600,000
An estimated $60 billion is spent globally each year to identify the differences between cells to diagnose various diseases.
A new entry in this field has taken on the delicate task of identifying the differences between cells — without destroying them.
This startup is seeking $600,000 in its seed round to manufacture and sell its tool for researchers, a live cell analysis platform.
CBio, (formerly known as Charlot Biosciences – based on the last name of its founder), has created a portable multi-platform that enables researchers to identify important differences in cells. CBio reduced its asking price from $2 million since it pitched to investors in June.
The startup likens its tech to a non-invasive MRI scan of the brain. Typically, cells have to be destroyed or altered before they can be identified. With CBio’s technology, the cells stay intact and alive.
The startup was accepted into UCI Applied Innovation’s Wayfinder incubator more than a year ago. Since then, its advanced to the next level, known as Wayfinder Seed. Applied Innovation is UCI’s innovation center.
Wayfinder Seed is the next step for startup teams that have completed all the Wayfinder deliverables. Startups are grouped into industry clusters and benefit from industry-specific peers and mentors. CBio also recently expanded into LA.
Wayfinder Seed clusters include digital health and software services, as well as medical devices. CBio is in the medical device category even though it is not working on a medical device per se, which would require FDA approval.
CBio has an option to license IP developed at UCI, founder and CEO David Charlot told OC Startups Now. The IP was developed by professors in UCI’s department of neuroscience, including Lisa Flanagan.
Flanagan works in collaboration with a professor at ASU, using technology developed there, to characterize mouse embryonic stem cells. This research seeks to understand how stem cells behave and accurately classify abnormal cells related to brain disorders like Alzheimer’s.
CBio has received one patent.
Its business model includes direct sales and rentals of its equipment.
The startup recently pitched at the Alliance for SoCal Innovation’s showcase in LA in June.
The company has been self-funded with $250,000, plus $110,000, from a few scientist angel investors.
More on the Founder
Charlot is an inventor, entrepreneur and manager with 15 years of experience building tools to address human health challenges.
He received his PhD in bio-engineering from UCSD and a BSc in physics from Delaware State University.
He also was the co-founder and former CTO of Biological Dynamics, an oncology diagnostics company with HQ in SD.
The experience of Biological Dynamics catalyzed Charlot to start CBio and seek out professors at ASU and UCI who had developed methods to identify precursors of complex diseases, without destroying cells.
Other markets for CBio include microbiome research and gene editing verification. Gene editing is expected to influence market sectors including energy, pharma and food & beverages. The gene editing market will be worth $7.5 billion globally by 2024, according to market research conducted by CBio.
Its four initial target geographical areas are SoCal, NorCal, Houston and Boston. These four regions are the most important life science/biotech hubs in the U.S., Charlot said.