On Wednesday, Genalyte, a San Diego-based diagnostics firm announced it securing $44 million in series C round of funding led by Khosla Ventures.
Founded in 2007, Genalyte works to transform the doctor-patient relationship by offering quick diagnostic testing inside the doctor’s office. The technology of the company works to provide results to physicians in minutes from just a single drop of blood, giving better outcomes for the patients, empowering doctors to be more effective and increasing the efficiency of the healthcare system. The company’s Maverick Detection Systems can offer the result of any diagnostics test results in about fifteen minutes.
“We believe there is an enormous opportunity to improve our healthcare system by providing diagnostic results at the time and place they need to be delivered – when the patient is sitting in front of the doctors,” said CEO Cary Gunn. “Our technology allows us to eliminate a number of inefficiencies from the system, such as the secondary appointment to have blood drawn, the large quantity of blood required, the long wait for results and the game of phone tag you play with your doctor when results finally do arrive,” he added. This platform is available for research only in US, at least for now.
The company raised $11.8 million in series B round of funding in 2012 led by Redmile group, Claremont Creek Ventures and BioMed Realty Ventures. These existing investors took part in the latest round of funding too. In 2013, the firm received a $1 million as Small Business Innovation Research grant from National Cancer Institute to develop a biomarker panel for tumor antigen-associated antibodies.
“W e at Khosla Ventures believe that timely access to more diagnostic and health data, combined with computation tools to digest this information will create more efficient medicine and provide better healthcare,” said Vinod Khosla, founder of Khosla Ventures. “We assessed a large number of emerging diagnostic technologies and believe that Genalyte has the potential to fuel this transition.”
With the new inflow of funds, the company plans to improve the current Maverick platform for the physician office setting and to perform the clinical studies that demands the proof of accuracy of the device and applicability for use in an actual patient settings.