US-based medical diagnostics company T2 Biosystems has raised $40m in its series E round including new investor, investment bank Goldman Sachs.
The money will help develop T2Candida, the company’s molecular diagnostic test of species-specific Candida fungal infections directly from whole blood.
In 2001, T2 closed a $23m series D round of financing led by US-based investment firm Aisling Capital.
Also participating in the consortium was Physic Ventures, a corporate venturing fund backed by, among others, consumer goods conglomerate Unilever, food and beverages multinational Pepsi and health insurance company Humana.
Physic had previously led T2’s series C round, which raised $15m in May last year. Existing investors also participating in the series D round include the US-based venture capital firms Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Arcus Ventures, Camros Capital and WS Investments, investment bank RA Capital and not-for-profit healthcare fund Partners Healthcare.
Going back further, T2 secured $10.8m in its 2008 series B round, following a $5.5m series A round in 2006, although Physic was uninvolved in either round.
The D round will support clinical trials for the commercialisation of T2’s T2MR diagnostic technology, intended to detect the fungal pathogen Candida, as well as the expansion of the company’s partnership program.