- Funding will accelerate FDA submission and commercialization of automated benchtop blood testing system
- TYH ventures, Glen Tullman of 7WireVentures, and Wittington ventures led the round, joined by general catalyst, GreatPoint ventures, DNS Capital, and Wasson enterprise
- Prominent industry leaders join executive team and board of directors
Truvian Sciences (“Truvian”) announced the close of more than $105 million in an oversubscribed Series C financing round led by TYH Ventures, Glen Tullman of 7wireVentures, and Wittington Ventures. The funds will advance development of Truvian’s automated benchtop blood testing system, paving the way to submit the device for U.S. Food and Drug Administration (FDA) clearance, and enabling the company to scale its team in preparation for broad commercialization. Inclusive of the Series C, Truvian has raised more than $150 million in funding to date.
“The global pandemic has further demonstrated that consumers want more control over their personal healthcare journeys. Announcement signifies tremendous confidence in Truvian’s goal of decentralizing healthcare by bringing point-of-care diagnostic testing to a highly complex, distributed market,” said Jeff Hawkins, President and Chief Executive Officer of Truvian. “I have full confidence that our executive team and board have the proven leadership and depth of experience in healthcare to deliver our benchtop platform and test menu through global regulatory approvals, making routine testing more convenient and accessible for all.”
Expanded Leadership Team Positions Company for Long-Term Growth and Innovation
The company also announced an impressive roster of executive and board appointments. Former Divisional VP of Automation and Informatics at Abbott, Jay Srinivasan, has joined the company as Chief Product Officer. Several new investors will join the Board of Directors, including Glen Tullman, Managing Partner of 7wireVentures, Founder and former Executive Chairman and CEO of Livongo Health, and former CEO of both Allscripts and Enterprise Systems; Greg Wasson, President and Co-Founder of Wasson Enterprise and former President and CEO of Walgreens Boots Alliance; and Megh Gupta, Partner at Wittington Ventures and former Global Head of Strategy and Corporate Development at Element AI. 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.
“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. “GreatPoint Ventures looks forward to continuing our work with Truvian.”
“As we move to a more consumer-directed system of healthcare, providing easy, convenient access to a full suite of high-quality blood tests at a local pharmacy, an on-site clinic at work or a physician office will be a game changer,” said Glen Tullman, Managing Partner at 7wireVentures, who co-led the round and formed a new entity for special investments outside of the core holdings of 7wireVentures, the successful early stage healthcare fund formed by Tullman and long-time business partner Lee Shapiro. He continued, “New rapid diagnostic tools are essential to provide health consumers with more information earlier in the process and equip clinicians with the information they need to provide high-quality care.”
Truvian Products in Development
Truvian’s approach to improving healthcare testing is based on developing a compact and fully automated benchtop system that combines chemistries, immunoassays, and hematology assays in one device. There is no other single on-site diagnostic platform that covers the breadth of analytes that Truvian can address, with accuracy that rivals central labs. By combining multiple testing modalities into one system, clinics can perform all standard blood tests ordered during a routine check-up on-site, helping their patients realize significant cost and time savings. Truvian’s comprehensive wellness panel will cover the most commonly ordered diagnostic tests, including a lipid panel, metabolic panel, and complete blood cell count.