NEW YORK – Diagnostics developer Cytovale announced Thursday that it has raised $100 million in a Series D financing round. The San Francisco-based firm intends to use the funding to accelerate commercial expansion of its IntelliSep sepsis test.
The round was led by Sands Capital and included participation from new investor Canada Pension Plan Investment Board and existing investors Norwest Venture Partners, Global Health Investment Corporation, and Breakout Ventures, Cytovale said in a statement.
"Cytovale is growing at an astounding pace to meet demand from other health systems looking to tackle this deadly condition," Cytovale CEO Ajay Shah said in a statement. "The additional investment will enable us to quickly scale across the US with greater agility to serve health systems and their patients," Shah added.
Cytovale's IntelliSep rapid sepsis test was cleared by the US Food and Drug Administration in 2022 and launched last year.
The eight-minute microfluidic assay runs on a benchtop system that consists of a sample preparation module, a cell imaging module, and an imaging analysis module. It uses whole-blood samples and imaging to measure the deformability of a patient's leukocytes and ascertain risk of developing sepsis within the subsequent three days. The test is indicated for use in adult patients with signs and symptoms of infection who present to the emergency department.
Cytovale plans to expand its customer base to additional emergency departments and health systems nationwide, it said.
Last November, the firm said it raised $84 million in a Series C financing round.