San Diego, CA– Genalyte, Inc., a leading diagnostics and analytics company, announced that it has closed on the expansion of its Series C financing to include an additional $17.5 million for a total of over $67 million, led by Verily Life Sciences (an Alphabet company) and Boutique Venture Partners (a specialized healthcare fund).
This financing round will expedite Genalyte’s path toward FDA approval and facilitate the implementation of pilot programs for the “Merlin” Automated Lab, which would revolutionize the diagnostic landscape by delivering on-site, real-time laboratory results for the most frequently requested blood tests.
Along with Boutique and Verily, this financing round also included current investors Redmile Group, Provenio Capital, HBM Healthcare Investments, Khosla Ventures, Samsara Biocapital, and Invus.
Dr. Rami El Assal, Managing Partner of Boutique Venture Partners’ Early Detection & Early Treatment Fund shared his enthusiasm for Genalyte, stating, “The company’s exceptional ability to provide real-time diagnostics and advanced analytics for enhanced clinical decision-making truly sets it apart. Genalyte’s CAP-accredited and CLIA-certified lab testing platform with its FDA-cleared core technology, the Maverick, offers on-site testing that yields results in just 30 minutes, allowing physicians to assess patients during routine office visits. At Boutique, we are proud to partner with Ashraf and the entire Genalyte team, along with Verily’s strategic vision to develop further and commercialize such a disruptive approach, which promises to reshape the healthcare diagnostic market by delivering faster, more accurate, and cost-effective diagnostic tools.” Dr. El Assal has also been appointed as a member of Genalyte’s board of directors.
Genalyte CEO, Dr. Ashraf Hanna, said, “This funding is a significant milestone for Genalyte as we continue to advance our mission of transforming healthcare through innovative diagnostic tools. With the support of our new and existing investors, we are well-positioned to accelerate our efforts to obtain FDA approval for our products, and to fund pilot programs that will enable us to demonstrate the value of our technology in real-world settings. We are grateful for the confidence our investors have placed in us, and we remain committed to delivering on our vision of improving patient outcomes through faster and more accurate diagnoses.”
Genalyte brings laboratory testing to the patient and physician. Through the Merlin Automated Lab, laboratory results will be provided onsite, in real-time for 90% of blood tests that primary care physicians typically order. The Merlin is enabled by Genalyte’s proprietary silicon chip based photonic ring resonance technology, the Maverick. All results are reviewed remotely through the CloudLab before releasing them back to the physician for review and discussion with their patients.
About Verily Life Sciences
Verily Life Sciences, also known as Verily (formerly Google Life Sciences), is Alphabet Inc.’s research organization devoted to the study of life sciences. The organization was formerly a division of Google X, until August 10, 2015, when it was announced that the organization would become an independent subsidiary of Alphabet Inc.
About Boutique Venture Partners
Boutique Venture Partners is a Palo Alto-based venture capital firm that focuses on healthcare and life sciences investments to create disruptive solutions at scale.
For more information, visit https://genalyte.com/
Media Contact: Alexah Boyer Alexah.Boyer@genalyte.com
Investor Relations Contact: Sam Rutten Sam.Rutten@genalyte.com