NEW YORK – San Diego-based molecular detection startup VedaBio announced on Tuesday that it has completed a $40 million Series A round. The funding was backed by lead investor OMX Ventures with participation from a select group of family offices, including Kleinmuntz Associates.
VedaBio's platform uses a proprietary method called CRISPR Cascade to detect nucleic acids in a sample in approximately one minute at room temperature without the need for target amplification. The firm claims the method provides PCR-level accuracy and can be highly multiplexed.
"With the CRISPR Cascade reaction, we have unlocked the true power of CRISPR with a platform that delivers near-instant molecular detection of highly multiplexed analytes with best-in-class accuracy," Anurup Ganguli, VedaBio's cofounder and CEO, said in a statement. "We believe it is poised to emerge as a future gold standard for molecular detection, empowering major advances across multiple applications including research and industrial tools, diagnostics, and therapeutics," Ganguli added.
The startup was cofounded by Ganguli and Rashid Bashir, a professor of bioengineering and the dean of the Grainger College of Engineering at the University of Illinois Urbana-Champaign. Frédéric Sweeney serves as the firm's president and chief operating officer while Christine Ginocchio serves as chief medical and scientific officer.
"At VedaBio, we are operating at the forefront of scientific innovation, creating a fundamental new model in the field of molecular detection," Sweeney said in a statement. "By combining the power of our platform with a strong focus on delivering products to solve real clinical and industrial needs, we are poised to transform clinical and operational workflows for the betterment of patients and consumers."