Internet-of-things product maker BOE Technology Group has anchored a $10m series B round for Baebies, a US-based developer of newborn screening and paediatric testing products.
North Carolina Biotechnology Centre, the biotech-focused non-profit organisation that provided $500,000 in debt financing to Baebies in 2014, also contributed to the round, as did undisclosed family offices and returning investors.
Founded in 2014, Baebies develops products and services for newborn screening and paediatric testing. It currently offers a screening test for infants called Seeker that can detect approximately 50 inherited metabolic disorders, and is developing additional products.
Baebies secured $13m in a 2015 round featuring Rex Health Ventures, the VC arm of care provider Rex Healthcare, as well as Dumac, which manages Duke University’s endowment, Duke Angel Network, Cunning Capital, Charleston Angel Partners, Triad and North Carolina Biotechnology Centre’s 2014 debt.
Wei Wu, healthcare investment director at BOE, said: “As new technologies arise in healthcare, we want to back the most innovative and promising companies. Baebies has demonstrated rapid growth in the company’s product pipeline and team.
“The company is a tremendous fit with our healthcare business, which is committed to offering people-oriented healthcare services by developing mobile healthcare, digital hospitals, regenerative medicine and healthcare park solutions.”