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Genalyte Raises $50M in Private Financing Round

NEW YORK – Diagnostics testing firm Genalyte said Monday it has closed a $50 million financing round.

Alphabet company Verily led the round, which also included current investors Provenio Capital, Redmile, Khosla Ventures, HBM Partners, Samsara, and others.

San Diego-based Genalyte will use the funds to expand the test menu for the Maverick Diagnostic System (GDS) and deploy the platform in clinical and retail settings. GDS leverages silicon chip-based photonic ring resonance technology to perform multiple, simultaneous, rapid tests on a small volume of whole blood or serum.

The company previously said in 2016 that it had raised $36 million.

In October, the US Food and Drug Administration issued Emergency Use Authorization for Genalyte's Maverick SARS-CoV-2 Multi-Antigen Serology Panel v2. The company also acquired data analytics firm BaseHealth last March.