The diagnostic firm plans to sell the shares to BTIG. It also has granted the investment bank the option to purchase up to an additional 375,000 shares.
Market growth is providing opportunities for emerging diagnostic companies and a range of options for clinicians, included PCR and protein tests.
The firm remains on track to file for FDA clearance of its T2Bacteria panel, which its CEO called a "game changer" by mid-2017.
Crowdfunding will help move the targeted sequencing-based test through the development process in hopes of commercializing it.
The company said its product revenues rose during the fourth quarter thanks to an increase in T2Candida panel sales due to increased patient testing.
The funds, which the company said are part of a larger $9 million Series A round, will support the development of its test for early diagnosis of Lyme disease.
Stanford researchers showed that wearables could identify inflammation, insulin resistance, and the onset of infection.
T2 said it's in a strong position to achieve planned portfolio milestones over the next two years, including submitting its next test for FDA clearance next year.