US-based biotechnology company Genalyte closed a $44m series C round on Tuesday featuring biotechnology real estate company BioMed Realty’s corporate venturing unit, BioMed Realty Ventures.
Venture capital firm Khosla Ventures led the round, which also included Redmile Group and Claremont Creek Ventures.
Founded in 2007, Genalyte’s Maverick Detection System enables general practitioners to run blood tests by putting a single drop of blood on a microchip. The technology can be used in the surgery and provides results within 15 minutes.
The series C funding will be used to further develop Maverick and to support clinical trials proving both the platform’s accuracy and its adequacy to be used in GP surgeries.
Redmile and Claremont Creek previously invested in an $11.8m series B round in 2012 alongside undisclosed other backers.
Genalyte has revealed that BioMed also previously backed the company, though it has not divulged details. Genalyte has not revealed details about its series A funding.
Gary Gunn, CEO of Genalye, said: “Our technology allows us to eliminate a number of inefficiencies from the system, such as the secondary appointment to have blood drawn, the large quantity of blood required, the long wait for results, and the game of phone tag you play with your doctor when results finally do arrive.”