Truvian latest medtech firm to receive large venture backing
San Diego, California-based Truvian is a medtech firm using automation to provide blood-testing diagnostics.
The company’s offering is designed around removing the need to send blood for testing at centralised labs, instead allowing clinicians to do check-ups on site, saving both time and money.
A holistic solution
Currently still in development, Truvian’s benchtop system is able to carry out a range of blood tests in one device, including chemistries, immunoassays, and hematology assays.
Since its 2015 foundation, the company has raised over $150mn including in three funding rounds. Its most significant round to date came yesterday, via a $105mn Series C. Led by TYH Ventures, 7WireVentures and Wittington Ventures, the round also involved General Catalyst, GreatPoint Ventures, DNS Capital, and Wasson Enterprise.
"The global pandemic has further demonstrated that consumers want more control over their personal healthcare journeys. Today's 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."
Consumer-directed healthcare
The company said it would use the funds to continue development before submitting it for US Food and Drug Administration (FDA) clearance.
"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. "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."
