Sherlock Biosciences, Co-Founded by Feng Zhang and Backed by Baidu Ventures, Files for IPO Following $31M Series A Round

VCBeat (WeChat ID: vcbeat) has learned that on April 23, 2019, genetic diagnostics company Sherlock Biosciences completed a $31 million Series A financing round. The round was led by Northpond Ventures and Baidu Ventures, with participation from the Open Philanthropy Project and several unnamed investors. The funds will be used to continue the development of the company’s two core technology platforms—SHERLOCK and INSPECTR. Investors in this round will also provide Sherlock Biosciences with expert guidance in deep learning and artificial intelligence to help further refine its molecular diagnostic technologies.

Sherlock Biosciences, established in March 2019 and headquartered in Massachusetts, USA, is a genetic diagnostics technology company dedicated to providing users with an accurate, rapid, affordable, and user-friendly genetic diagnostics platform to facilitate effective decision-making in various settings. At its inception, the company secured $35 million in initial financing and received a $17.5 million grant from the Open Philanthropy Project.

Sherlock Biosciences was co-founded by nine scientists, including Feng Zhang, who possess extensive experience in gene editing technology, infectious disease diagnostics, and oncology. The company’s two core technology platforms—SHERLOCK and INSPECTR—are licensed from Harvard University and the Massachusetts Institute of Technology.

SHERLOCK is a diagnostic platform based on CRISPR gene-editing technology, designed to detect and quantify specific genetic sequences, enabling rapid identification of pathogens and tumor DNA in samples. The platform utilizes miniature paper-based tests, allowing results to be visually observed with the naked eye. INSPECTR is a molecular diagnostic platform based on synthetic biology. It enables target discrimination at the single-nucleotide level at room temperature without the need for laboratory instruments, making complex molecular diagnostic tests rapid, low-cost, and easy to use.

SHERLOCK and INSPECTR have broad application potential in fields such as healthcare and agriculture. In healthcare, these platforms can be used to detect infectious disease pathogens and cancer DNA; in agriculture, they can help users better manage crops and ensure food safety.

Rahul K. Dhanda, Co-founder and CEO of Sherlock Biosciences, stated, “Support from investors such as Northpond Ventures and Baidu Ventures is critical to us as we develop rapid and accurate diagnostic platforms through engineered biology and deep learning tools to improve the health outcomes of users worldwide.”

Saman Farid, Partner at Baidu Ventures and Head of its U.S. Team, stated, “SHERLOCK and INSPECTR will have a significant impact on the molecular diagnostics industry. Sherlock Biosciences boasts world-leading CRISPR experts, synthetic biology specialists, seasoned scientists, and industry veterans. We believe the company will achieve major breakthroughs in the field of molecular diagnostics.”

Northpond Ventures, established in 2018 and headquartered in Maryland, USA, is a venture capital firm focused on investing in life sciences and medical technology companies.

Baidu Ventures, established by internet giant Baidu in September 2016, is a venture capital firm with regional headquarters in Beijing and Silicon Valley, USA. The firm is dedicated to investing in companies within the artificial intelligence sector, aiming to become a “world-class VC in the AI era.”

The Open Philanthropy Project, established on August 20, 2014, and headquartered in California, United States, is a charitable organization dedicated to improving people’s lives through philanthropy. The organization publicly shares its research findings to enable researchers to build upon them for further study.

(Compiled by Jiao Yanli)