We are excited to have achieved another exit for our Redalpine Capital I investors: InSphero, the leading developer of organotypic 3D cell cultures for in-vitro testing, had just recently closed a high-profile CHF 20m Series C funding round. On the back of strong investor interest for the round, we have now exited our InSphero investment to two financial investors with strategic interest. With Redalpine Capital I in the middle of the harvesting phase, it was a timely opportunity to secure a multiple of more than 10x on our investment.
Since our initial investment in 2010 we have seen InSphero go from strength to strength. The company currently counts most of the leading pharmaceutical, chemical and cosmetics companies among its customers and has received numerous awards for its scientific and commercial achievements. Just last year, InSphero was recognised as the most promising and innovative start-up in Switzerland.
For us at Redalpine it was an honour to work with one of the most brilliant teams around. We are fortunate to have shared part of their exciting journey and we wish them, the new investors and all the remaining shareholders a seamless continuation of the InSphero success story.