Biomaterials storage firm Kryosphere raises $700,000 for expansion

Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – , a provider of cold storage and related services for biomaterials, is raising some $700,000 for expansion efforts.

The privately held firm is raising debt and equity financing through KeySource Bank as well as new and existing investors.

“We continue to be impressed with the company’s progress and execution of its strategy, and are pleased to support this growing Research Triangle based company,” said Don Draughon, chief executive officer of KeySource Bank, in a statement.

Kryosphere CEO Eric Hallman pointed out that the company is on a fast-growth path, having signed a “major biotech client” to a biomaterials management contract covering five years.

“The financing came together quickly and we were thrilled at the level of interest. In the end we were over-subscribed,” Hallman said.

The funding will be used to “tackle our growing customer pipeline,” he added.

Kryosphere provides cold storage as well as movement of materials and logistical operations.

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