NEW YORK ─Babson Diagnostics on Thursday announced it has raised $13.7 million in a Series A financing round led by Siemens Healthineers, Prism Ventures, Genesis Merchant Capital, and Lago Consulting Group.
Austin, Texas-based Babson said its technology analyzes capillary blood samples from a finger prick using one-tenth the volume typically collected with venipuncture, without sacrificing quality, accuracy, or menu breadth. The technology was originally incubated at Siemens Healthineers and developed in partnership with Becton Dickinson.
"With our strategic partnerships, clinical studies, and research and development programs in place with key retail partners, this financing moves our company into a crucial commercialization phase," Eric Olson, Babson’s founder, said in a statement.
The firm plans to launch its technology at accessible retail locations ─ such as pharmacy counters ─ throughout the US, giving customers the benefit of longer hours of operation, low out-of-pocket costs, and a more human experience, Babson said.
In a separate announcement on Thursday, Babson said it has appointed David Stein, former head of global strategy and innovation at Siemens Healthineers, as its CEO. Eric Olson, Babson’s founder and former CEO, will assume the roles of chairman of the board and chief operating officer.
Olson will continue to lead Babson’s operations, technology, and clinical affairs, while Stein will lead the formation of the company’s commercialization, marketing, and business development teams, Babson said.
Babson noted that its first-generation SARS-CoV-2 IgG antibody test received FDA Emergency Use Authorization in June. The company’s antibody test is offered free of charge to essential front-line pharmacy and grocery workers and is used in clinical studies at research centers, including Dell Medical School at The University of Texas at Austin.