Adarza BioSystems, a US-based diagnostics technology developer that counts electronics and industrial equipment maker Siemens as an investor, has completed a $17m series C round.
The round was led by 3×5 RiverVest Fund, a fund formed by venture capital firms RiverVest Venture Partners and 3×5 Partners. Adarza has not disclosed the identities of the other participants.
Adarza is developing biosensor assays and instruments that can be used in medical research, in vitro diagnostics and the development of therapeutics.
The company will use the series C funding to complete development and begin commercialisation of its first immunoassay product, and to increase manufacturing capacity at its Missouri production facility.
Siemens co-led Adarza’s $5m series B round, which closed in March 2016, through its Siemens Venture Capital subsidiary with Cultivation Capital Life Science Fund and Lewis and Clark Ventures.
The series B followed a $6.8m round backed by Siemens Venture Capital, Cultivation Capital, BioGenerator, St. Louis Arch Angels, Missouri Technology Corp and Serra Capital that closed in 2014.