Sherlock Biosciences announced today that it raised $80 million in a Series B financing round to support its next-generation diagnostics.
Novalis LifeSciences led the round, which included new investors Illumina Ventures, Albany Capital and Catalio Capital Management, among others. The new investors joined Northpond Ventures, Good Ventures and other existing investors, bringing Sherlock’s total funding to $111 million to date.
Boston-based Sherlock develops a CRISPR-based method for detecting and quantifying genetic sequences and Inspectr, a synthetic biology-based, instrument-free molecular diagnostic platform. It was included in MassDevice’s 2020 list of medical device startups you need to know.
Sherlock said in a news release that the latest funding will drive the development of products and partnerships enabled by the company’s proprietary platform that can operate at ambient temperature without complex instrumentation, opening up a range of applications in low-resource settings such as the home.
“Sherlock is dedicated to breaking down diagnostic barriers and bringing health information to people around the world,” Sherlock Biosciences President and CEO Bryan Dechairo said in the release. “Our novel chemistries combine the accuracy of PCR with the simplicity and convenience of antigen tests, powering a decentralized diagnostic platform for DNA and RNA detection. We are grateful to our funding partners for supporting our mission to ignite a convenience revolution in healthcare and further global public health.”