US-based molecular diagnostics technology developer Inflammatix completed a $102m series D round yesterday that included OSF Healthcare Ventures, the investment arm of health system OSF Healthcare.
The round was led by investment firm D1 Capital Partners and also backed by Northpond Ventures, Khosla Ventures and Think.Health.
Inflammatix is working on rapid diagnostic tests that detect a patient’s immune response to infections by analysing mRNA biomarkers using machine learning technology.
The tests are able to identify whether an infection is viral or bacterial and determine the risk of it becoming severe. The company’s cartridge-based point-of-care system, Myrna, is designed to produce results within half an hour.
The funding has been allocated to seeking regulatory clearance for Myrna and an acute infection and sepsis test called InSep, and preparing for their international commercialisation. The cash will also drive the continued development of Inflammatix’s product pipeline.
Grey Sky Ventures, Khosla Ventures, Northpond Ventures and Think.Health previously took part in a $32m series C round for Inflammatix in January 2020. It identified OSF Healthcare as a returning investor in the latest round.
Northpond Ventures, Think.Health, Khosla Ventures and Stanford University-affiliated Stanford-StartX Fund are all among the earlier investors in the company, which signed a contract worth up to $72m with the US government’s Biomedical Advanced Research and Development Authority in 2019.
The original version of this article appeared on our sister site, Global University Venturing.
