Babson Diagnostics, a medical technology company, has secured $13.7m in a Series A funding round, to expand the availability of its blood testing devices.
The funding round is led by Siemens Healthineers, Prism Ventures, Genesis Merchant Capital, and Lago Consulting Group.
The company’s advanced diagnostic technology was incubated at Siemens Healthineers and developed in partnership with Becton Dickinson.
The technology is designed to analyse the capillary blood samples using only one-tenth the volume of the sample, normally collected with venipuncture without sacrificing quality, accuracy, or menu breadth, all from a simple finger stick.
Babson founder Eric Olson said: “With our strategic partnerships, clinical studies, and research and development programs in place with key retail partners, this financing moves our company into a crucial commercialization phase.
“Together with our growing team and strong network of strategic partners, we will realize our mission to improve our customers’ health by making diagnostic blood testing more convenient, accessible, and human.”
Babson intends to deploy its diagnostic technology ecosystem at retail locations across the US
The company intends to deploy its diagnostic technology ecosystem at retail locations, including pharmacy counters across the country. The offering is said to benefit customers by preventing long hours of operation, reduced costs, and human experience.
Babson has secured the FDA emergency use authorisation for its first-generation SARS-CoV-2 IgG antibody test in June 2020.
The antibody test is currently offered to front-line pharmacy and grocery workforces at free of charge.
It is also being used in clinical studies by leading research centres such as Dell Medical School at The University of Texas at Austin.
Babson Diagnostics aims to commercialise its diagnostic blood testing to enable customers easily, rapidly and routinely monitor and improve their health.
For the commercialisation, Babson Diagnostics is partnering with retail pharmacies to validate its diagnostic technology, and conducting clinical studies.
Siemens Healthineers laboratory diagnostics president Deepak Nath said: “Babson Diagnostics was incubated from its earliest days within Siemens Healthineers.
“As an innovation- and consumer-driven company, we are excited to see that Babson’s work is still rooted in our shared values. The company continues to make great progress in democratizing diagnostic blood testing and in contributing to the U.S.’s fight against the Covid-19 pandemic.”
