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

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Medical diagnostics company Visby Medical raised $100 million in a Series E funding round earlier this year. Today the company told me that it has extended this round another $35 million at the same valuation as the rest of the round. This funding will allow Visby Medical to increase its production capacity from tens to hundreds of thousands of monthly tests. It will also expand its product line to include combination COVID + flu A/B tests, antimicrobial resistance panels and provide at-home PCR diagnostics to consumers.

Valuation is just over $1 billion after silver,” a company spokesperson told TechCrunch via email. “The extension is at the same valuation as the rest of the cycle, which we believe demonstrates that these are long-term investors, not influenced by short-term swings in public markets.”

The company told me that it consciously seeks investors who are willing to continue investing for the long term. The initial $100 million was led by Ping An Voyager Partners and joined by the Healthcare of Ontario Pension Plan (HOOPP). The round also included participation from existing investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and Nissim Capital.
The additional $35 million expansion round was led by Lightrock, 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,” said Visby Medical Founder and CEO. , Adam de la Zerda, PhD, in a statement to TechCrunch. “Especially in these times of market downturn, our investors have shown great confidence in Visby’s innovative technology and mission. This funding will allow us to pursue our goal of providing the world’s first instrument-free portable PCR platform to accurately and quickly test a variety of serious infections to anyone who needs it.

Visby’s PCR diagnostic technology is developed across multiple therapeutic areas and aims to address a critical and growing global need: to combat the significant increase in infectious diseases, including on-site rapid STI testing solutions.

The funding shows that there is still money to be had, and it is encouraging to see that companies are more willing to announce both cycle extensions – which have traditionally been frowned upon by the investment community – and evaluations as part of their funding journey.

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