The proceeds will be utilised by Tasso to scale manufacturing and operations to meet the increased demand for its blood collection devices and decentralised health testing services
Tasso's simple blood collection devices are used for a variety of research and healthcare applications. (Credit: Business Wire)
Clinical-grade blood collection technology Tasso has secured $100m in Series B financing round to scale its manufacturing and operations.
Led by RA Capital Management, the funding round has increased Tasso’s total capital raise to $131m.
The round saw the participation of new investors the D.E. Shaw group, Senvest, InCube, and SVB Innovation Fund, as well as existing investors Foresite Capital, Hambrecht Ducera Growth Ventures, J2V, Cedars-Sinai, and Merck GHIF.
The proceeds will be utilised by Tasso to scale manufacturing and operations to meet the increased demand for its blood collection devices and decentralised health testing services.
Currently, the company’s products are being used for a range of pharma, research, and healthcare applications.
In May this year, the company secured CE mark approval for its Tasso-M20 device, which is designed to collect, store, and transport samples for analysis related to drug level or biomarker monitoring.
RA Capital principal Anurag Kondapalli said: “Tasso is poised to transform the traditional blood collection process and quickly modernize the standard of care for at-home diagnostic services. We are thrilled to partner with Tasso’s talented team of entrepreneurs to help expand access to this essential technology.”
According to Tasso, its devices are designed to enable simple, convenient, and virtually painless blood collection for users, avoiding the burden of clinic appointments.
Combined with an integrated logistics platform, Tasso’s virtually painless blood collection technology is said to provide an access actionable health data for pharmaceutical companies, academic institutions, and payers.
Tasso CEO and co-founder Ben Casavant said: With the COVID-19 pandemic, there has been a fundamental shift in how we think about healthcare, and demand for patient-centric, in-home solutions is greater than ever.
“Today, Tasso devices are successfully supporting decentralized clinical trials, clinical research, and remote patient health monitoring. This funding round validates the success of our efforts to date and will increase streamlined access to home diagnostics for everyone in the future.”