Boston Microfluidics said today that it raised $17.5 million in Series A funding for its R&D efforts, as first reported by MassDevice.com.
Cambridge, Mass.-based Boston Microfluidics produces blood collection devices designed to simplify the blood testing process. Proceeds from the round are slated for continued improvement of its existing product line and the development of new devices, the company said.
Venture capital firm Anzu Partners led the round, which included global life sciences company LabCorp (NYSE:LH). It’s the first investment made by Anzu Partners’ second venture capital fund, which was announced in April.
“The majority of today’s blood collection for medical testing is done by phlebotomists or other trained medical personnel, using equipment that is not intended for use by consumers to collect their own specimens,” CEO Brandon Johnson said in prepared remarks. “BMF simplifies this process and brings healthcare to the consumer for an expanding menu of tests that can be done on these self-collected specimens. Working with our partners, we offer collection devices that can be used at home, making it easier for people to gain access to tests so that they can proactively monitor their health. Using our device, consumers can simply prick their finger, place a few drops of blood into the device, close it, then drop it in the mail to the lab – all without leaving their home. And it only requires about five percent of the amount of blood compared to taking it from a person’s arm.”
LabCorp uses Boston Microfluidics’ flagship Neotainer in the at-home collection kits used with its Pixel wellness testing platform.
“LabCorp has been a great strategic partner to help us start getting our device into the hands of consumers,” Johnson said. “And that’s really just the beginning. We looking forward to expanding our base to reach more people around the world, and creating new products to make it easier for them to collect high quality samples.”
Boston Microfluidics revealed the financing in a regulatory filing last spring, reporting approximately $17.6 million in equity financing from 21 unnamed investors beginning in August 2018.