Labforward ramps up Series B financing
Labforward has added €3m to the Series B funding from January, bringing the total funds raised to €8.5m.
The majority of the new investment comes from the Fielmann Family Office. This financing is combined with funding from existing investor IBB Ventures as well as existing and new business angels invest in the laboratory software company with headquarters in Berlin, Germany.
Laboratories have always involved a lot of manual processes that require the presence of an entire laboratory team on site. In the COVID 19 crisis, the degree to which labs have already digitised or automated these processes makes the difference between being able to safely continue important scientific work or having to choose between a complete shutdown or putting employees at risk for several months.
Dr Simon Bungers, co-founder and CEO of the company explains that there has been increased demand for Labforward software solutions: ‘Last year's experience showed lab teams the importance of investing in automation and digital data management to keep a lab running with fewer on-site staff. We’re seeing increased demand for our solutions which let teams control devices remotely, capture data digitally and let scientists access the data in the cloud or an accessible server for analysis and process optimisation.’
Innovative digital solutions that improve processes of life science companies, the pharma industry and healthcare in general are at the core of the investment focus of the team behind the Fielmann Family Office.
Peter Stauffer, managing director of the Fielmann Family Office comments: We are actively searching for software solutions that increase productivity and efficiency in the healthcare industry. After experiencing the COVID crisis, no one will accept average drug development cycles of 12 years anymore. Labforward´s manufacturer-independent and device-agnostic offering allows a new dimension for efficient laboratory work and supports the shortening of drug development cycles. We are happy to invest in the company's growth and to enable the digitization of laboratories around the globe.’
With the additional funding, Labforward is going to invest in further expansion of the team and making the fully-digitised laboratory of the future more accessible to organisations that look for smart solutions for their laboratories.
‘Together with partners from the industry, we are currently building a showroom laboratory in Berlin. There, laboratory teams from around the world can experience what is possible with the technology of today. It’s going to be a great place to demonstrate how connected laboratories work and it also allows us to test a lot of ideas and innovations.’ Bungers added.