US-based molecular diagnostics technology developer Sherlock Biosciences completed a $31m series A round on Tuesday following a $13.5m extension featuring Baidu Ventures, a corporate venturing subsidiary of internet group Baidu.
Non-profit group Open Philanthropy Project and venture capital firm Northpond Ventures also took part in the round, alongside unnamed additional investors.
Sherlock formally launched last month with an initial $17.5m in series A funding from investors including Open Philanthropy Project, alongside $17.5m in non-dilutive grant funding.
The company is developing molecular-level diagnostic tools based on synthetic biology and Crispr gene editing technology. Crispr’s lead inventor Feng Zhang heads Sherlock’s scientific advisory board.
Sherlock is also developing a synthetic biology-powered platform called Inspectr that is highly responsive to nucleic acids. It discerns targets from a single nucleotide – the structural building block containing DNA and RNA – without requiring additional lab equipment.
The tools are intended to perform molecular diagnostics at a low cost, allowing them to be deployed in a variety of areas, including agriculture and home testing products as well as in oncology, infectious disease and resource-efficient diagnostics.
The series A capital will drive development of both of the company’s platforms. It will consult Baidu and its other investors to gain technical expertise in deep learning and artificial intelligence.
Saman Farid, partner and head of the US team at Baidu Ventures, said: “With Sherlock and Inspectr, Sherlock is poised to make a significant impact on the diagnostic testing industry.
“We are excited to work with the Sherlock team, which includes world-leading experts in Crispr and synthetic biology, experienced scientists, and industry veterans, to incorporate artificial intelligence into the design of its diagnostic tests and fulfil the promise of these exciting technologies.”
The original version of this story appeared on our sister site, Global University Venturing.