Aperio Secures $20 Million Series C Funding to Extend Leadership Position in Growing Digital Pathology Market
HLM Venture Partners Leads Financing for Continued Sales and Product Development
Vista, CA – March 12, 2008 – Aperio Technologies, Inc., (Aperio), a global leader in digital pathology for the healthcare and life sciences industry, is pleased to announce the completion of a $20 million Series C financing. The round was led by HLM Venture Partners, a Boston and San Francisco-based healthcare venture capital firm. Joining HLM in the Series C funding are existing investors Galen Partners and Advanced Technology Ventures, and new investors Acadia Woods Partners and BlackRock Alternative Advisors.
Aperio will use the new capital to accelerate clinical market development, expand sales and operations, and develop new products in support of its patented digital pathology system, which includes its linear array-based ScanScope® slide scanning systems, Spectrum™ information management software, image analysis applications and professional services.
With this equity financing round, Martin R. Felsenthal, a partner at HLM Venture Partners, joins the Aperio board of directors. Regarding the announcement, Mr. Felsenthal said, “We believe that digital pathology has enormous potential to improve the quality and efficiency of pathology services. We are impressed with the considerable progress Aperio has made in biopharma and clinical applications, and believe that this additional funding will allow the company to expand its ability to address the needs of clinical customers, and to further strengthen its leadership position in this exciting market.”
Aperio’s CEO, Dirk Soenksen, said, “We are delighted to have Marty Felsenthal, a seasoned healthcare venture capitalist, join our board of directors. Mr. Felsenthal’s prior experience in healthcare services and recurring business models will be extremely helpful as we consider strategies for maximizing shareholder value.”
Jeff Samberg, managing director of Acadia Woods Partners, said, “As an investor with prior successful investments in life science companies, we are excited about the compelling opportunities Aperio is pursuing in digital pathology.” Kevin Nee, managing director of BlackRock Alternative Advisors added, “It’s rare to find such a large potential market opportunity with only one clear leader. We are very excited about collaborating with the Aperio management team.”
Aperio is digitizing pathology. We provide systems and services for digital pathology, which is an environment for the management and interpretation of pathology information that originates with the digitization of a glass slide. Aperio’s award-winning ScanScope® slide scanning systems and Spectrum™ digital pathology information management software improve the efficiency and quality of pathology services for pathologists and other professionals. Applications include education, remote viewing, archival and retrieval, basic research, and image analysis. Aperio’s products are FDA cleared for specific clinical applications, and are intended for research and education use for other applications. For more information, please visit www.aperio.com.
About HLM Venture Partners
HLM Venture Partners provides venture capital to emerging companies focused on healthcare information technology, healthcare services, and medical technology. During the past fifteen years, HLM has helped over 60 privately held healthcare companies turn innovative ideas into market-leading businesses. The company’s investment professionals have over 125 years of collective expertise in the healthcare industry, an accumulation of knowledge that is invaluable to its portfolio companies. For more information, visit www.hlmventurepartners.com.
About Acadia Woods Partners
Acadia Woods Partners is a New York based investment fund that provides seed and growth capital to private technology, media, and life sciences companies.
About BlackRock Alternative Advisors
BlackRock is one of the world’s largest publicly traded investment management firms. At December 31, 2007, BlackRock’s AUM was $1.357 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions investment system, risk management and financial advisory services. Headquartered in New York City, as of December 31, 2007, the firm has approximately 5,500 employees in 19 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the company’s website at www.blackrock.com.