US-based home diagnostic services provider LetsGetChecked has secured $71m in a funding round co-led by Illumina Ventures, the corporate venture capital arm of genomics company Illumina, TechCrunch reported today.
Venture capital firm HLM Venture Partners co-led the round, which also featured Optum Ventures, the corporate venturing fund owned by health services provider Optum.
Deerfield, CommonFund Capital, Angeles Investment Advisors, Transformation Capital and Qiming Venture Partners USA also took part in the round.
Founded in 2014, LetsGetChecked enables users to purchase at-home medical testing kits for a wide range of health issues, ranging from fertility, herpes and hepatitis B and C to diabetes, colon cancer and vitamin deficiencies.
LetsGetChecked also offers testing for Covid-19, consisting of a rapid test that delivers results within 15 minutes at home and a separate procedure that validates the results in the lab.
The service is available in the US, Canada and Europe, and connects users to physicians if an abnormal result is found. The company will use the capital to cope with growing demand for its services as people shelter in place and avoid hospitals.
Peter Foley, chief executive of LetsGetChecked, said: “People are very focused on Covid-19. [But] we are seeing trends of increases in everything else.
“This situation has definitely legitimised the space of home diagnostics. We are seeing spikes in those kinds of tests. Everything that needs monitoring we are seeing spikes in.”
Nick Naclerio, a founding partner at Illumina Ventures, has joined LetsGetChecked’s board.
LetsGetChecked obtained $30m in a series B round backed by Optum Ventures in May 2019. The round was led by Leerink Transformation Partners and included a range of existing shareholders, including Qiming.
Optum Ventures had already led a $12m series A round in 2018, when Qiming also invested. A report by VentureBeat subsequently claimed a $14.5m series A round had taken place in 2016.
