Infectious disease diagnostic company Day Zero Diagnostics announced today that it completed a venture equity financing worth $21 million.
Sands Capital led the financing round, while significant participation came from new investors including BD, Panacea Venture and Hongkou Capital, along with existing investors including Triventures and Golden Seeds.
To date, Zero Day Diagnostics has raised more than $33 million in venture capital financing and more than $10 million in non-dilutive funding, according to a news release. In May 2020, the company received $6.2 million of that non-dilutive funding from the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (CARB-X).
Boston-based Day Zero Diagnostics’ develops sequencing-based diagnostic technologies for identifying the species and antibiotic resistance profile of a bacterial pathogen within hours. The company’s approach aims to save lives while reducing the economic burden of severe infections.
As part of the financing, BD President of Integrated Diagnostic Solutions Brooke Story will join Day Zero Diagnostics’ board of directors as an observer. Additionally, the company will use the funding to complete the product engineering phase of its diagnostic development effort.
Further funds will expand Day Zero Diagnostics’ lab services offerings and strengthen its position as a leading provider of sequencing-based diagnostic services to help clinicians address critical infection situations and transmission events.
“The continued support of our investors and participation by new investors, including BD as a leader in the field of infectious disease diagnostics, is a strong vote of confidence in the technologies we have built, as well as our vision for the future of genome sequencing in infectious disease diagnostics,” Day Zero Diagnostics CEO and Co-Founder Jong Lee said in the release. “This funding allows us to complete the product engineering phase of our diagnostic development process as well as supporting the launch of our CLIA lab services.”