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Visby Medical Raises More Than $100M in Series E Financing

NEW YORK ─ Visby Medical on Tuesday announced that it has raised more than $100 million in a Series E financing round that will enable it to increase production capacity from tens to hundreds of thousands of tests per month and further expand its product menu to include COVID plus influenza A/B combination testing and antimicrobial resistance panels.

Ping An Voyager Partners led the investment with participation from Healthcare of Ontario Pension Plan and current investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors, and Nissim Capital.

The San Jose, California-based company said it aims to accelerate the distribution of its palm-sized PCR diagnostic tests to the point of care and eventually for use at home.

In February 2021, the firm obtained US Food and Drug Administration Emergency Use Authorization for its single-use RT-PCR COVID-19 Point of Care Test, and last August it obtained FDA 510(k) clearance and a CLIA waiver for a single-use, multiplex assay to detect Chlamydia trachomatisNeisseria gonorrhoeae, and Trichomonas vaginalis.