The funding will help the company to finalise the development of its blood testing solution
Babson Diagnostics has secured $31m funding for blood testing solution. (Credit: Belova59 from Pixabay)
Medical technology firm Babson Diagnostics has secured $31m in an oversubscribed Series B funding to boost the development of its diagnostic blood testing solution.
Led by Emerald Development Managers, the funding round witnessed participation from existing investors Siemens Healthineers, Prism Ventures, and Lago Consulting Group
The funding is expected to help the medical technology company to commercialise its disruptive technology to make routine blood testing easier, more accessible, and less invasive.
Austin, Texas-based Babson is planning to use the latest funding to quickly extend its laboratory and ecosystem infrastructure, finalise its blood testing solution development, as well as increase its sales and marketing teams.
Designed to reimagine the entire diagnostic blood testing process, Babson’s technological ecosystem was originally incubated at Siemens Healthineers and used an advanced collection device developed in partnership with Becton, Dickinson and Company (BD).
Babson uses small capillary samples collected with venipuncture to generate a full range of diagnostic test results.
The company aims to deploy its diagnostics ecosystem at pharmacies and other convenient retail locations across the US.
Babson founder, chairman and chief operating officer Eric Olson said: “The complex world of blood testing has resisted historical disruption efforts based on single-technology point solutions.
“We have developed novel technologies across sample collection, sample handling, sample analysis, software, and AI to build a scalable and sustainable value chain for the next generation of blood testing.”
Babson stated that the financing follows the completion of a pivotal clinical study in a retail pharmacy setting that showed the accuracy of its novel technology compared with conventional blood testing.
In September last year, the company raised $13.7m in cumulative Series A funding, led by Siemens Healthineers, Prism Ventures, Genesis Merchant Capital, and Lago Consulting Group.
Babson had also secured FDA emergency use authorisation for its first-generation SARS-CoV-2 IgG antibody test in June.
The company announced that the antibody test was in use in clinical studies with major research centres such as Dell Medical School at The University of Texas at Austin.