Picoliter Inc. closes $22M second round

July 9, 2002 — Picoliter Inc., a Mountain View, Calif.-based developer of micron-scale and smaller volume liquid handling technologies, announced it has raised $22 million in a second round of financing.

New investors Abingworth and the Sprout Group led the round. Previous investors Delphi Ventures, Alloy Ventures and Palo Alto Investors also participated. First round funding was $5.1 million.

Elaine Heron, Picoliter chief executive, said the funds will be used to commercialize products, especially instruments. She said it will take between a year and a year-and-a-half before a product is announced. She also said she is not sure whether the company will require another round of venture funding.

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