SAN JOSE, Calif., June 29, 2022 – Visby Medical™, a leading medical diagnostic company, today announced that it expanded its over-subscribed Series E financing round to include an additional $35 million for a total of over $135 million raised in the round. The additional investment was led by Lightrock, who 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.
The additional investment will be used to enable Visby Medical to scale production capacity, further expand the product menu to include advanced respiratory health tests, antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at-home.
“At Visby Medical, we are revolutionizing patient care by developing diagnostics that healthcare providers can use to test for any infection anytime, anywhere,” said Visby Medical Founder and CEO Adam de la Zerda, PhD. “Especially during these times of market slowdown, our investors have shown significant confidence in Visby’s innovative technology and mission. This funding will enable us to further our goal to provide the world’s first instrument-free handheld PCR platform to accurately and rapidly test for a variety of serious infections to anyone who needs it.”
Visby’s patented gold standard PCR diagnostic technology is being developed in multiple therapeutic areas and is aimed to address a critical and growing global need: to combat the significant rise in infectious diseases. The FDA-cleared Visby Medical Sexual Health Click Test is already being used in U.S. CLIA-waived settings, such as Urgent Care and women’s health clinics, to detect gonorrhea, chlamydia and trichomonas via self-collected vaginal swabs and deliver results in less than 30 minutes, eliminating the need for presumptive treatment.
Ashish Puri, Partner at Lightrock, said, “Visby Medical has produced a diagnostics tool capable of transforming patient care, enabling accurate results over the course of a patient’s visit. The innovation behind this versatile product has the potential to decentralise lab testing, producing major benefits for communities around the world and opening up access to affordable healthcare results. Lightrock invests in businesses using scalable technologies to deliver real and significant impacts and Visby aligns perfectly with that vision.”
About Visby Medical™
Visby Medical is transforming the order of diagnosis and treatment for infectious diseases so clinicians can test, talk with, and treat the patient in a single visit. The Company’s proprietary technology development program culminated in the world’s first instrument-free, single-use PCR platform that fits in the palm of your hand and rapidly tests for serious infections. Originally developed for sexually transmitted infections, the Company’s FDA-cleared, CLIA-waived Sexual Health Click Test for women returns accurate results within 28 minutes. The Visby Medical technology is also helping to fight the global pandemic via the Visby Medical COVID-19 Test, and its robust pipeline includes tests for other infectious diseases. Visby Medical is accelerating the delivery of fast and accurate, palm-sized PCR diagnostics to the point of care, and eventually for use at home.
Chief Financial Officer, Visby Medical