Lucira Health Secures $15 Million in Series B Funding for Regulatory Approval and Commercialization of Instrument-Free Molecular Diagnostic Tests

On August 5, 2019, VCBeat (WeChat ID: vcbeat) learned that Lucira Health, a developer of instrument-free molecular diagnostic products for infectious diseases, had closed a $15 million Series B financing round. The round was led by Seraph Group, with participation from Eclipse Ventures, DCVC (Data Collective), Y Combinator, and Sunstone Management. Additionally, ShangBay Capital made its inaugural investment in the company. The funds will be used to support regulatory approvals and early commercialization efforts.

Lucira Health, founded in 2013, is currently developing DNA- and RNA-based diagnostic tools for infectious diseases, such as respiratory illnesses and sexually transmitted infections. Its initial application focuses on influenza testing. The battery-powered device rapidly analyzes nasal swab samples and displays results indicating Influenza A, Influenza B, or a negative diagnosis. Lucira Health’s test is entirely single-use and can be deployed in virtually any setting. During peak testing periods, an unlimited number of Lucira Health influenza tests can be run in parallel, eliminating sampling queues and delivering rapid results. As products for professional use become commercialized, subsequent consumer-oriented products will pair with a smartphone app to directly connect users to treatment options.

Erik Engelson, CEO of Lucira Health, stated, “As the first fully usable molecular influenza test approaches commercialization, we are delighted to offer products that align with increasingly sophisticated healthcare delivery workflows, bringing accurate diagnostics to the patient’s bedside. We are deeply grateful for the support from both new and existing investors. This support facilitates the research, development, and commercialization of valuable new products, contributing to improved healthcare.”

Lucira Health, Inc. is dedicated to developing single-use point-of-care molecular tests for the rapid and accurate diagnosis of infectious diseases, thereby transforming the landscape of instrument-based centralized testing. Lucira Health’s products will empower physicians with greater flexibility and enhanced access to point-of-care diagnostic information. The platform also enables follow-up care for patients through home-based diagnostics and a companion app, marking the first step in comprehensive healthcare management.

Eclipse Ventures is a technology-focused investment firm specializing in complex operations. Founded in 2015 and headquartered in Palo Alto, California, Eclipse partners with entrepreneurs to drive transformation in foundational industries, thereby defining and propelling economic development.

Seraph Group, established in 2004, is a global seed-stage venture capital firm investing in high-tech startups. With over 300 successful investors from diverse industries across more than 100 cities worldwide, Seraph’s investment portfolio spans healthcare/life sciences, internet, aerospace, telecommunications, semiconductors, artificial intelligence, enterprise software, digital media, and cybersecurity.

DCVC (Data Collective) is a venture capital fund that supports entrepreneurs in leveraging deep tech to transform large-scale industries. For over two decades, DCVC and its leaders have been committed to backing visionaries poised to reshape global enterprises, generating tens of billions of dollars in wealth while making the world a better place. DCVC employs a unique model that combines a team of seasoned venture capitalists with more than 50 technical executives and experts, including CTOs, chief scientists, principal engineers, and professors from leading technical universities. DCVC focuses on seed-stage and Series A companies, while also providing growth-stage opportunities within its own portfolio.

Y Combinator (YC) is a startup fund and program. Since 2005, YC has invested in more than 1,900 companies, with a total valuation exceeding $10 billion. YC supports founders throughout the entire lifecycle of their companies. Startup School teaches the fundamentals of entrepreneurship. The YC batch program helps founders build their products, engage with customers, and raise angel funding. By working at a startup, founders can easily find their first employees. YC Series A helps founders initiate fundraising. The YC Growth Program provides entrepreneurs with resources to help them scale their companies and hire management teams. YC Continuity offers support during the later stages of a startup’s development.

ShangBay Capital is a venture capital firm that enables investors to secure premier investment opportunities in the U.S. medical device, biotechnology, and mobile health sectors through participation in early-stage venture capital investments.

Sunstone Management and its subsidiary, Sunstone Venture Capital Fund, are a diversified private capital management and investment firm that provides comprehensive wealth management solutions to high-net-worth clients worldwide, particularly to newly immigrated families in the United States. The company focuses on investing in small businesses and the lower-middle market segment in the U.S., with products meticulously designed to align with investor objectives, ranging from short-term senior debt to long-term equity, growth capital, and venture capital investment strategies.

(Compiled by Tian Shuhang)