Truvian Sciences announced today that it closed an oversubscribed Series C financing round worth more than $105 million.
TYH Ventures, Glen Tullman of 7wireVentures and Wittington Ventures led the funding round, the proceeds from which are earmarked for the development of Truvian’s automated benchtop blood testing system, according to a news release.
The benchtop system is designed to combine chemistries, immunoassays and hematology assays in one device, with the combination of such testing modalities allowing clinics to perform all standard blood tests during a routine check-up on-site, saving cost and time.
San Diego-based Truvian said the funding will pave the way to submit the device for FDA clearance and to scale its team in preparation for broad commercialization. The company has raised more than $150 million to date.
“The global pandemic has further demonstrated that consumers want more control over their personal healthcare journeys. Today’s announcement signifies tremendous confidence in Truvian’s goal of decentralizing healthcare by bringing point-of-care diagnostic testing to a highly complex, distributed market,” Truvian president & CEO Jeff Hawkins said in the release. “I have full confidence that our executive team and board have the proven leadership and depth of experience in healthcare to deliver our benchtop platform and test menu through global regulatory approvals and make routine testing more convenient and accessible for all.”
The idea of a benchtop blood testing system has gotten a bad rap since Theranos’ collapse. But Hawkins has noted in the past that Truvian’s goals for its technology are more modest than the extravagant claims that Theranos made.
In addition to the financing, Truvian announced expansions to its leadership team.
Former Abbott divisional VP of automation and informatics Jay Srinivasan joined as chief product officer, while several investors, including 7wireVentures managing partner Glen Tullman, are set to join the company’s board of directors.
Also joining the board is Wasson Enterprise president & co-founder Greg Wasson and Wittington Ventures partner Megh Gupta. Dean Kamen, an inventor touted by Truvian for his work in developing numerous medical devices including drug infusion pumps, portable dialysis machines, insulin pumps and prosthetic arms was appointed as senior technology advisor, too.
“As we move to a more consumer-directed system of healthcare, providing easy, convenient access to a full suite of high-quality blood tests at a local pharmacy, an on-site clinic at work or a physician’s office will be a game-changer,” Tullman said. “New rapid diagnostic tools are essential to provide health consumers with more information earlier in the process and equip clinicians with the information they need to provide high-quality care.”
