Medical Diagnostics Company Visby Medical He raised $100 million in a Series E round earlier this year. Today, the company told me that it extended that round by an additional $35 million at the same valuation as the rest of the round. This funding will enable Visby Medical to increase production capacity from tens to hundreds of thousands of monthly tests. It will also expand its product lineup to include COVID+ Influenza A/B combination testing, antimicrobial resistance panels, and offer in-home PCR diagnostics to consumers.
“The valuation is just over $1 billion after payment,” a company spokesperson told TechCrunch via email. “The rollover is in the same valuation as the rest of the round, which we believe demonstrates that these are long-term investors, and are not affected by short-term fluctuations in the public markets.”
The company told me that it consciously looked for investors who would like to continue investing for the long term. Ping An Voyager Partners spearheaded the original $100 million and was joined by the Ontario Health Care Pension Plan (HOOPP). The tour also featured the participation of existing investors including John Doerr, Cedars-Sinai Medical Center, ND Capital, Artiman Ventures, Petango Venture Capital, Bluewater Life Sciences Consulting, and Naseem Capital.
Lightrock led the additional $35 million extension round, which joined existing Series E investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and J Ventures.
“At Visby Medical, we are revolutionizing patient care by developing diagnostics that healthcare providers can use to test for any infection, anytime, anywhere,” Adam de la Zerda, founder and CEO of Visby Medical, told TechCrunch. “Especially during these market downturns, our investors have demonstrated great confidence in Visby’s innovative technology and mission. This funding will enable us to advance our goal of providing the world’s first tool-free portable PCR platform for accurate and rapid testing for a variety of serious infections for anyone who needs it. “.
Visby’s polymerase chain reaction (PCR) diagnostic technology is being developed in multiple treatment areas and aims to meet a critical and growing global need: to combat the surge in infectious diseases, including rapid on-site testing solutions for STIs.
The funding shows that there is still money, and it is encouraging to see that companies are more willing to announce both round extensions – which the investment community has traditionally resented – and valuations as part of their funding journey.