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Visby Medical Adds $35M to Series E Round

NEW YORK – Visby Medical said on Wednesday that it has added $35 million to its Series E financing round, bringing its total proceeds from the round to more than $135 million.

Lightrock, a London-based global private equity platform, led the additional investment. Other Series E investors included John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors, and J Ventures.

San Jose, California-based Visby said it will use the funds to scale its production capacity and to add to its menu of tests, including assays for respiratory health and antimicrobial resistance panels, as well as to make PCR-based tests more widely available for at-home diagnostics.

CEO Adam de la Zerda in a statement called the financing a sign of "significant confidence" in the company's technology and pipeline. "This funding will enable us to further our goal to provide the world's first instrument-free handheld PCR platform to accurately and rapidly test for a variety of serious infections to anyone who needs it," he said.

Visby Medical said in March that it had raised $100 million as part of a first tranche of its Series E. The company gained US Food and Drug Administration Emergency Use Authorization for its single-use RT-PCR COVID-19 point-of-care test in February 2021. It also obtained FDA 510(k) clearance and a CLIA waiver for a single-use, multiplex assay to detect Chlamydia trachomatis, Neisseria gonorrhoeae, and Trichomonas vaginalis in August of the same year.