Cambridge-based Elemental Machines, a developer of data-tracking sensors and software for laboratory equipment, has raised $41 million in new funding to expand its operations in the life sciences market.
The startup, founded in 2015, makes technology that connects existing lab equipment to the cloud. The goal is to equip laboratory spaces with more efficient data collection, easier access to that data, and improved sharing abilities.
The company’s tech platform helps technicians and scientists monitor key lab metrics like temperature, humidity, light, and vibration from their desktop or mobile device. If there’s a problem with the equipment used in an experiment, the platform can “alert users remotely when it’s about to fail,” according to the company. Elemental said it also enables lab directors and managers to improve operational efficiency, facilities and asset management, and manufacturing outcomes.
Sridhar Iyengar, founder and CEO of Elemental Machines, sees growth opportunities in various sectors of the life sciences industry, after the company’s latest — and largest — round of funding.
“If you look broadly within life sciences, there’s other aspects, other departments, that we haven’t really addressed,” Iyengar said. “Things like pilot production or manufacturing. There’s also different types of labs — right now we’re predominantly in [research and development] labs. And so we can expand into clinical labs and quality control labs.”
The company has over 500 customers in the life sciences industry and plans to use the new funds to target sales in research, clinical, and quality control laboratory operations, a $60 billion annual market. Elemental will also use the money to expand in related fields such as manufacturing, materials science, food tech, agriculture tech, and other data-focused industries.
Some of the companies using Elemental Machines’ technologies include PerkinElmer, the Waltham-based life sciences firm, and LabCentral, the shared laboratory space which opened its biggest site yet in Kendall Square last month.
The funding round was led by Sageview Capital and co-led by Omega Venture Partners, while Gutbrain Ventures and Digitalis Ventures also participated.