Boston Microfluidics Secures $17.5M Series A Funding to Advance Painless, At-Home Blood Collection Technology

On August 28, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media that Boston Microfluidics (BMF), a developer of simplified blood collection devices, announced the completion of its $17.5 million Series A financing round. The round was led by venture capital firm Anzu Partners, with LabCorp Holdings participating as a follow-on investor.

The funds from this Series A financing round will be used for BMF’s product research and development, to continue improving its existing product lines, and to develop new types of blood collection devices.

BMF has developed a simple, intuitive, needle-free blood collection device that simplifies the blood testing process. The company aims to make it easier for individuals and their healthcare providers to understand their health status by developing new devices.

Brandon Johnson, CEO of BMF, stated, “Currently, most blood collection for medical testing is performed by phlebotomists or other trained healthcare professionals, preventing consumers from using their devices to collect their own samples. BMF simplifies this process and continuously expands its testing services to accommodate consumer-collected specimens. We are collaborating with partners to develop at-home blood collection devices, enabling consumers to conduct tests more conveniently and proactively monitor their health.”

Brandon Johnson stated, “With our device, consumers need only provide a few drops of finger-prick blood and mail the sample to the laboratory. This process is extremely simple, requiring a negligible amount of blood compared to venous blood draws from the arm.”

BMF’s flagship product, Neotainer, is the device included in LabCorp’s consumer-initiated home collection kits. In addition to home collection kits, LabCorp also offers certain laboratory testing services that consumers can purchase and have sampled at LabCorp Patient Service Centers.

Brandon Johnson said, “LabCorp is a great strategic partner that helps us achieve commercialization. But this is just the beginning; we look forward to expanding our business scope to reach more populations.”“BMF will create new products to help consumers collect high-quality samples more easily.”

Anzu Partners is a venture capital and private equity firm focused on breakthrough industrial technologies. Anzu Partners collaborates with entrepreneurs, providing capital and expertise in business development, market positioning, global connectivity, and operations to help companies complete technology development and commercialization.

LabCorp, headquartered in Burlington, North Carolina, is a global leader in the life sciences. The company maintains a network of 36 primary laboratories in the United States and operates one of the world’s largest clinical laboratory networks. LabCorp aims to improve patients’ lives by transforming their health outcomes. It provides world-class diagnostic solutions, accelerates the research and development of innovative drugs, and leverages technology to enhance healthcare delivery. In 2018, LabCorp reported annual revenues exceeding $11 billion.

(Compiled by Tian Shuhang)