The idea of a benchtop blood testing system only needing a few drops of blood has gotten a bad rap since Theranos’ collapse. But that hasn’t stopped Truvian Sciences from trying to develop its own system.
The San Diego–based startup announced earlier this week that it has closed a $27.1 million Series B financing, with $46.3 million raised to date, as it works toward an FDA 510(k) clearance submission in 2020. Truvian Sciences is also seeking a CE Mark in the EU.
Truvian Sciences CEO Jeff Hawkins — a former VP at genetic analysis company Illumina — said in a news release that the company has a “disruptive and advanced technology platform with the potential to significantly improve peoples’ lives.”
But Hawkins elaborated more modest goals for the technology during an interview with TechCrunch. “We don’t believe that single drop of blood from a finger stick can do everything,” he said.
The company is focusing on its system providing 40 of the most commonly ordered diagnostic tests — including a lipid panel, metabolic panel, complete blood cell count, as well as thyroid, liver and kidney functioning tests. And instead of filling its board with former Secretaries of State like Theranos did, Truvian Sciences’ board includes people who have experience with medical-related companies.
The fully automated bench-top instrument will include remote monitoring and serviceability, it will deliver results electronically to individuals though a digital platform, and its dry reagent technology allows for consumables to be stored at room temperature, according to the company.
The latest funding round was led by GreatPoint Ventures and included DNS Capital and Tao Capital Partners along with existing investor Domain Associates.
“By developing an accurate, convenient and affordable alternative to off-site labs, Truvian is poised to raise the bar for consumers by providing them with immediate insights to inform their healthcare decisions,” said Ashok Krishnamurthi, managing partner at GreatPoint Ventures,
