NEW YORK – Israel Institute of Technology spinout MetaSight Diagnostics announced on Wednesday that it has closed an $8 million oversubscribed Series A financing round.
The round was led by new investors, including aMoon Growth II Fund, Saban Ventures, ARC Ventures, and Alumni Ventures, as well as existing shareholders including aMoon's early-stage fund aMoon Velocity.
The investment will allow the company to advance its existing programs into trials for US Food and Drug Administration approval and to expand the company's portfolio of diagnostic products, MetaSight said in a statement. The funding will also be used to engage in additional strategic partnerships.
The Rehovot, Israel-based firm said it has created the world's largest and most comprehensive serum metabolomics dataset linked to electronic medical records and uses that dataset to develop a "high throughput, sensitive and affordable mass spectrometry-based diagnostics discovery engine with shorter turnaround times and lower costs than other methods available today."
The firm's lead programs are for early-stage screening and diagnosis of colorectal cancer and metabolic dysfunction-associated steatohepatitis. MetaSight is in discussions with multiple strategic players regarding these programs and plans to make its tests available in selected markets in 2025.
"MetaSight's unique prospective discovery and development methods provide an unbiased, comprehensive approach to identifying multi-omics diagnostic signatures," MetaSight Founder and CEO Tomer Shlomi said in a statement. "With the capacity to integrate multi-omics data at a population scale, we’re accelerating the timeline from biomarker discovery to effective diagnostics while reducing development risks."