News » Visby Medical Raises over $100 Million in Series E Financing

03/01/2022Press Release

Visby Medical Raises over $100 Million in Series E Financing

Investment will accelerate the development of revolutionary rapid, single-use PCR diagnostic technology for home use

SAN JOSE, Calif., March 1, 2022Visby Medical™, a leading medical diagnostic company, today announced that it has raised over $100 million in its Series E financing round, with investment led by Ping An Voyager Partners and joined by the Healthcare of Ontario Pension Plan (HOOPP). The round also included participation by existing investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and Nissim Capital.

This financing will enable Visby Medical to scale production capacity from tens to hundreds of thousands of tests per month, further expand the product menu to include COVID + influenza A/B combination testing, antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at-home.

Donald Lacey, Chief Investment Officer at Ping An Voyager Partners, said, “We’re delighted to be joining Visby Medical at this point in their journey. At Ping An, we have a strong view that telemedicine is here to stay, but will remain limited in scope without dramatic improvements in remote diagnosis capabilities. Visby’s vision of ‘healthcare anywhere’ – combining telemedicine with an easy-to-use, instrument free and high-quality diagnosis tool – is exceptionally compelling.”

“Visby Medical delivers innovative technology that addresses a critical and growing global need, led by a management team that is forward-thinking and disciplined,” said Jennifer Shum, AVP, Derivatives and Fixed Income, HOOPP. “HOOPP is pleased to participate in this investment as we expect it will deliver long-term value for the pensions of our members, the healthcare workers of Ontario.”

“When we started Visby Medical in 2012, we set out to revolutionize patient care with fast PCR diagnostics, available to anyone, anywhere at any time,” said Visby Medical Founder and CEO Adam de la Zerda, PhD. “We’ve taken the first steps to deliver on that promise with the world’s first handheld, instrument-free, single-use PCR tests for bacterial and parasitic infections with our Sexual Health Click Test, and for viral infections with our COVID-19 test. We are thrilled to have incredible investors who believe in our vision. This investment signals that experienced healthcare investors recognize the potential that our patented ‘gold standard’ PCR diagnostic technology has in multiple therapeutic areas.”

About Visby Medical™
Visby Medical is transforming the order of diagnosis and treatment for infectious diseases so clinicians can test, talk with, and treat the patient in a single visit. The Company’s proprietary technology development program culminated in the world’s first instrument-free, single-use PCR platform that fits in the palm of your hand and rapidly tests for serious infections. Originally developed for sexually transmitted infections, the Company’s FDA-cleared, CLIA-waived Sexual Health Click Test for women returns accurate results within 28 minutes. The Visby Medical technology is also helping to fight the global pandemic via the Visby Medical COVID-19 Test, and its robust pipeline includes tests for other infectious diseases. Visby Medical is accelerating the delivery of fast and accurate, palm-sized PCR diagnostics to the point of care, and eventually for use at home.

For more information, visit www.visbymedical.com. Follow Visby Medical on LinkedIn, Facebook, and Twitter.

Media Contact:
press@visbymedical.com

Investor Contact:
Mark Ibison
Chief Financial Officer, Visby Medical
mark.ibison@visby.com

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