Visby Medical tests positive for a Series E extension at $1B+ valuation – Nob6

Medical diagnostics firm Visby Medical raised $100 million in a Collection E spherical earlier this yr. Right this moment, the corporate advised me it prolonged that spherical by an extra $35 million on the similar valuation as the remainder of the spherical. This financing will allow Visby Medical to scale manufacturing capability from tens to a whole bunch of 1000’s of month-to-month exams. It’s going to additionally additional develop its product lineup to incorporate COVID + influenza A/B mixture testing, antimicrobial resistance panels, and ship at-home PCR diagnostics to shoppers.

“The valuation is simply over $1B post-money,” a spokesperson for the corporate advised Nob6 over electronic mail. “The extension is on the similar valuation as the remainder of the spherical, which we predict demonstrates that these are long-term buyers, not influenced by short-term fluctuations within the public markets.”

The corporate advised me it consciously sought out buyers that will be wanting to proceed to take a position long-term. The unique $100 million was led by Ping An Voyager Companions and joined by the Healthcare of Ontario Pension Plan (HOOPP). The spherical additionally included participation by present buyers together with John Doerr, Cedars Sinai Medical Middle, ND Capital, Artiman Ventures, Pitango Enterprise Capital, Blue Water Life Science Advisors and Nissim Capital.
The extension spherical of an extra $35 million was led by Lightrock, who joined present Collection E buyers together with John Doerr, Cedars Sinai Medical Middle, ND Capital, Artiman Ventures, Pitango Enterprise Capital, Blue Water Life Science Advisors and J Ventures.

“At Visby Medical, we’re revolutionizing affected person care by growing diagnostics that healthcare suppliers can use to check for any an infection at anytime, anyplace,” mentioned Visby Medical Founder and CEO Adam de la Zerda, PhD in an announcement to Nob6. “Particularly throughout these instances of market slowdown, our buyers have proven vital confidence in Visby’s modern know-how and mission. This funding will allow us to additional our aim to supply the world’s first instrument-free handheld PCR platform to precisely and quickly check for quite a lot of severe infections to anybody who wants it.”

Visby’s PCR diagnostic know-how is being developed in a number of therapeutic areas and is aimed to handle a important and rising international want: to fight the numerous rise in infectious illnesses, together with on-the-spot STI fast testing options.

The financing goes to point out that there’s nonetheless cash on the market, and it’s encouraging to see that firms are extra forthcoming about saying each spherical extensions — which historically have been frowned upon by the funding group — and valuations as a part of their funding journey.