NEW YORK ─ SummerBio on Wednesday announced it has raised $7.3 million in an equity financing round and is conducting testing for the University of California Los Angeles (UCLA) and the Los Angeles Unified School District that leverages its RT-PCR SARS-CoV-2 test.
Investors in the equity financing round included Intel Capital, Capricorn Investment Group, 8VC, Toyota AI Ventures, Joby Trust, Dayton Family Enterprises, and Sciarra Management Trust.
The firm said that its RT-PCR test is conducted in a CLIA-certified laboratory and administered by a healthcare professional using a nasal swab, leading to results within 24 hours of collection.
The test is based on an RT-PCR assay developed by a team at New York-based Columbia University. It leverages robotics and automated high-throughput liquid handling systems to reduce process inefficiencies and supply bottlenecks, SummerBio said.
The Menlo Park, California-based firm added that it plans to increase testing capacity for its COVID-19 laboratory to about 100,000 tests per day by the end of this year and offer testing at a cost of less than $20 per test.
The firm also said that Srini Ananth, investment director at Intel Capital, and Ajit Singh, partner at Artiman Ventures, joined SummerBio's board.