Truvian Sciences received $105 million in Series C funding for the development of its automated benchtop blood testing system, the company announced on Feb. 24. The oversubscribed Series C financing round was led by TYH Ventures, Glen Tullman of 7wireVentures and Wittington Ventures. The San Diego biotech firm has raised more than $150 million in funding to date, inclusive of the Series C.
Since 2015, Truvian Sciences has occupied the crossroads of diagnostics and consumer technology with its automated benchtop blood testing system that provides lab-accurate results in 20 minutes for a comprehensive suite of routine health tests.
Truvian President and CEO Jeff Hawkins said this new infusion of funding will accelerate the company’s efforts to prepare the product for a submission to the U.S. Food and Drug Administration (FDA) and eventually commercialization.
“Our goal is to make our first regulatory submission by the end of the year,” Hawkins told the San Diego Business Journal. “This funding allows us to accelerate our investments in product development, manufacturing scale up and the clinical studies required to meet our goal.”
According to Hawkins, Truvian’s big picture goal for this technology is for it to decentralize healthcare by bringing point-of-care (POC) diagnostic testing to a highly complex, distributed market.
“As healthcare becomes more decentralized via telemedicine, at home care and retail clinics, there is a growing need for diagnostics to evolve,” said Megh Gupta, Partner at Wittington Ventures. “Effective POC testing solutions that are comprehensive, economical and rapid are imperative to make it as easy as possible for patients to get tested and have data driven healthcare conversations with their physicians.”
In addition to the three firms that led the Series C funding round, they were joined by General Catalyst, GreatPoint Ventures, DNS Capital and Wasson Enterprise.
“Truvian has persevered through the challenges of the global pandemic this year and emerged stronger with a laser focus on commercializing their core point-of-care blood testing solutions with a clear plan to achieve success and thus democratize routine diagnostics,” said Ashok Krishnamurthi, managing partner at GreatPoint Ventures.
“This round of funding will be used to make investment across all areas of the business with an emphasis on product development, manufacturing scale up and clinical studies,” Hawkins said.
Additionally, he said Truvian plans to grow its current team from 87 employees to approximately 170 employees by the end of the year.
“The new roles will span a broad range from highly specialized roles in scientific and engineering disciplines to roles in manufacturing and quality control on the teams that build and test our product,” Hawkins said.
In the meantime, the company has already added experienced executives and board members to help shape Truvian’s long-term growth, including four former public company CEOs on the Board of Directors.
The company announced that Jay Srinivasan, former Divisional VP of Automation and Informatics at Abbott, as Chief Product Officer. Truvian added several new investors to its board of directors such as Glen Tullman, managing partner of 7wireVentures, Greg Wasson, president and co-founder of Wasson Enterprise and Megh Gupta, partner at Wittington Ventures and former global head of strategy and corporate development at Element AI.
Additionally, renowned inventor Dean Kamen known for his work in developing numerous medical devices including drug infusion pumps, portable dialysis machines, insulin pumps, and prosthetic arms has been named to the position of senior technology advisor.