Lucira Health said Aug. 5 that it raised $15 million in a Series B equity financing led by Seraph Group. Eclipse Ventures, DCVC (Data Collective), Y Combinator and Sunstone Management participated in the round. ShangBay Capital also invested in the company. Lucira Health, of Emeryville, California, develops instrument-free, molecular infectious disease testing products.
Lucira Health, Inc. Completes Series B Financing
August 05, 2019 06:00 AM Eastern Daylight Time
EMERYVILLE, Calif.–(BUSINESS WIRE)–Lucira Health, a developer of instrument-free, molecular infectious disease testing products, closed today on its $15 million Series B equity financing. The round was led by Seraph Group. Eclipse Ventures, DCVC (Data Collective), Y Combinator and Sunstone Management participated. In addition, ShangBay Capital made its first investment in the company. The capital will be used to finance regulatory clearances and early commercialization.
Founded in 2013, Lucira Health is developing DNA- and RNA-based diagnostic tools for infectious diseases such as respiratory illnesses, sexually transmitted infections and others. The first application is influenza detection. The battery-powered device quickly analyzes a nasal swab sample and displays the result as either influenza A, B or negative diagnosis. Lucira Health’s test is fully disposable, and can be used just about anywhere. Any number of Lucira Health influenza tests can be run in parallel during peak testing periods, avoiding a sample queue, and providing rapid results. Following the commercial launch of the professional-use product, the subsequent consumer-use product will pair with a smartphone app to directly connect the user to treatment options.
Erik Engelson, Lucira Health’s CEO commented, “With the upcoming commercialization of the first fully-disposable molecular influenza test, we are excited to offer products that fit the growing healthcare delivery workflow of bringing evidence-based decision-making to the patient bedside. We greatly appreciate the support of our new and existing investors. This support enables the development and commercialization of valuable new products that contribute to improved healthcare”.
About Lucira Health, Inc.
Lucira Health, Inc. develops disposable Point-of-Care molecular tests for rapid and accurate diagnosis of infectious disease. By eliminating centralized instrument-based testing, Lucira Health’s products will empower physicians to be nimbler and more informed with on-the-spot diagnostic information. The platform will also enable consumers to take the first step in their healthcare management through at-home diagnosis and a companion mobile app to provide follow up treatment. Visit www.lucirahealth.com for more information.
About Eclipse Ventures
Eclipse Ventures is a technology-focused investment firm specializing in complex operations. Founded in 2015 and based in Palo Alto, CA, Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies. To learn more, visit http://eclipse.vc/
About Seraph Group
Founded in 2004, Seraph Group is a global seed stage venture firm that invests in high tech startups. With a unique network of over 300 successful investors from multiple industries in 100+ cities, Seraph Group invests in medical/life science, Internet, Aerospace, communication, semi-conductor, artificial intelligence, enterprise software, digital media and cyber-security. To learn more, visit www.seraphgroup.net
DCVC (Data Collective)
DCVC (Data Collective) is a venture capital fund that backs entrepreneurs applying deep tech to transform giant industries. DCVC and its principals have supported brilliant people changing global-scale businesses for over twenty years, helping create tens of billions of dollars of wealth while also making the world a markedly better place. DCVC brings to bear a unique model that unites a team of experienced venture capitalists with more than 50 technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, and Professors at major technical universities). DCVC focuses on Seed and Series A companies, and growth stage opportunities within its own portfolio. For more information on DCVC, visit www.dcvc.com or follow @dcvc on Twitter.
Y Combinator (YC) is a startup fund and program. Since 2005, YC has invested in over 1,900 companies, which have a combined valuation of over $100B. YC supports founders throughout the life of their company. Startup School teaches the basics of starting a company. The YC batch program helps founders build their product, talk to their customers, and raise angel funding. Work at a Startup makes it easy for founders to find their first employees. YC Series A helps founders launch their fundraising round. YC Growth Program provides founders with resources to scale their companies and hire an executive team. YC Continuity invests in their later stage rounds. Y Combinator was founded in 2005 and is headquartered in San Francisco, with batches taking place in Mountain View.
About ShangBay Capital
ShangBay Capital is a venture capital company that brings investors access to best-in-class investments in the U.S. medical devices, biotechnology, and mobile healthcare sectors through early-stage venture equity participation.
About Sunstone Management
Sunstone Management, with its subsidiary Sunstone Venture Capital Fund, is a diversified private capital management and investment firm offering comprehensive wealth management solutions to high net worth clients worldwide, in particular U.S. new-immigrant families. Focusing on investments in U.S. based small businesses and lower middle markets, its offerings are carefully structured to meet targeted investor goals ranging from short term senior debt products to longer term, equity, growth capital, and venture capital investment strategies.