Truvian Sciences Secures $27.1M Series B Funding to Advance FDA Approval of Automated Benchtop Diagnostic System

VCBeat (WeChat ID: vcbeat) has learned that on November 20, 2019, Truvian Sciences announced the completion of a $27.1 million Series B financing round. The round was led by GreatPoint Ventures, with participation from DNS Capital, Tao Capital Partners, and existing investor Domain Associates.

To date, Truvian has raised $46.3 million in its Series B financing round. The company also announced the appointment of Katherine Atkinson as Chief Business Officer, and that industry veteran Paul Meister will join its board of directors.

This round of financing will be used to drive Truvian’s development. Currently, Truvian is developing an FDA-approved automated tabletop system that can perform a comprehensive panel of health tests using a small blood sample within 20 minutes, delivering accurate laboratory results.

Truvian is a healthcare company that integrates diagnostics with consumer technology. Powered by proprietary and smart integration technologies, Truvian’s system offers a convenient and cost-effective alternative to off-site laboratories, providing immediate insights and evidence for medical decision-making.

Truvian is based on a method developed to improve medical testing through a compact, fully automated benchtop system that integrates chemical analysis, immunoassay, and hematology analysis into a single device. To date, no single point-of-care diagnostic platform has covered such a broad analytical range while delivering accuracy comparable to that of central laboratories.

Without such equipment, healthcare professionals must send blood samples to off-site laboratories for additional testing, a process that may take several days for results to be delivered. By consolidating multiple tests into a single system, clinics and patients will save significant costs and time. Truvian’s Comprehensive Health Panel will cover the 40 most commonly used diagnostic tests, including lipid panels, metabolic panels, thyroid function tests, and more.

Truvian’s system can also rapidly and accurately deliver results to patients via a secure, user-friendly digital platform. The company is working to obtain European CE marking and is submitting a 510(k) clearance application to the U.S. Food and Drug Administration (FDA), along with an application for waiver under the Clinical Laboratory Improvement Amendments (CLIA), to advance the commercialization of its system.

Jeff Hawkins, President and Chief Executive Officer of Truvian Sciences, stated, “A growing number of consumers are rejecting the status quo in healthcare: costly testing fees, inconvenient appointment scheduling, and limited or no access to their own test results. Meanwhile, retail pharmacies are increasingly serving as affordable access points for medical care. By deploying precise point-of-care blood testing at these convenient locations, we will provide consumers with a more seamless experience and empower them to take medical action based on their test results.”

Ashok Krishnamurthi, Executive Partner at GreatPoint Ventures, stated, “The Series B financing will facilitate Truvian’s submission of its tabletop system application to the FDA in 2020. GreatPoint chose to invest in Truvian due to its truly disruptive technology and its proven track record of success in the healthcare, diagnostics, and consumer technology sectors.”

GreatPoint Ventures, established in 2015, is a venture capital firm based in San Francisco, California. The company focuses on investments in surgical robotics, cancer diagnostics, health insurance, and pharmaceuticals.

DNS Capital, established in 2015 and headquartered in Chicago, Illinois, USA, is a venture capital firm and family investment office.

Tao Capital Partners, established in 2002, is a family investment firm dedicated to investing in industries with sustainable development significance, including healthcare, technology, transportation, education, and food.

Domain Associates, established in 1985, is a venture capital firm based in California, USA, specializing in the life sciences sector.

(Compiled by Jiang Ying)