Case Study: Strategic Pivot
Redshift Systems was created by TVP and affiliates as a spin-out from Aegis Lightwave, another TVP portfolio company. Founded to commercialize semiconductor technology originally developed at Princeton University, the RedShift founders focused on infrared (IR), optoelectronic devices based upon thin films of amorphous silicon. Following development of a quantum-cascade laser (QCL), the Redshift team, with support from TVP, began to market higher-power, coherent, IR sources to traditional users of Fourier-Transform, InfraRed (FTIR) spectroscopy.
Commercial FTIR systems suffer from low-power sources that require extensive sample preparation and an expert to interpret the results. To address applications such as detecting oil in water and proteins in buffer solution, RedShift developed Microfluidic Modulation Spectroscopy (MMS). Combining higher power QCL lasers with MMS and advanced analytics, Redshift provides scientists and manufacturing process engineers with unparalleled sensitivity for characterizing proteins in solution.
Following extensive market and voice-of-the-customer (VOC) studies, the RedShift team, with TVP assistance, made the decision to pivot the company from a component manufacturer to the developer and manufacturer of instruments for protein characterization. The newly renamed RedShift BioAnalytics (RedShiftBio) introduced the AQS3pro instrument to the biopharmaceutical market in 2018.
Since the initial commercial announcement, RedshiftBio has sold AQS3pro instruments to multiple leading biopharmaceutical firms and laboratories. While initially focused on characterization of protein secondary structure for the formulation of therapeutics based upon monoclonal antibodies, RedShiftBio customers continue to identify additional applications for the instrument. Recent successful demonstrations include quantitation of protein aggregates; characterization of ligand binding, messenger RNA (mRNA), and adeno-associated viruses (AAV); and vaccine development. Instrument and software products under development will expand RedShiftBio instruments upstream to drug discovery and down-stream to at-line and in-line process control for Good Manufacturing Practice (GMP).
According to RedShiftBio Founder and CTO Eugene Ma, “TVP and affiliates have been a true partner during our journey from semiconductor-device developer to a biopharmaceutical instrument firm. Without their continued investment and strategic advice, we would not have made this successful transition.”
“The commitment of TVP and affiliates to the long-term success of the company, coupled with breakthrough, patent-protected technology, attracted me to the company,” said RedShiftBio CEO Julien Bradley. “Further, I am excited to bring AQS3pro, successor instruments and disposable products, and software tools to the biopharmaceutical industry. Our customers are creating drugs, vaccines, and therapies that will improve and extend people’s lives. RedShiftBio is proud to provide the equipment and information that make these discoveries, formulations, and manufacturing scale possible.”
RedShift BioAnalytics, Inc.
|Major BioPharmaceutical Clients||10|
|Current Valuation||14x Invested Capital|
“Not only has TVP provided us with capital to accelerate our expansion, but they have also helped us develop valuable insights to better position our company and refine our strategy. Their guidance and network have been instrumental in building our world-class team and technology and advancing our customer engagement.”