At-home testing company Visby Medical announced that it has received approximately $55 million in funding, with the potential to raise an additional $10 million.
Catalio Capital Management led the round with participation from existing investors ND Capital, Cedars Sinai Medical Center, Blue Water Life Science Advisors, Pitango Ventures and John Doerr.
Isaac Ro, partner at Catalio, will join Visby's board as an observer, and Chuck Alpuche, who is COO at Imperative Care, former EVP and COO at Insulet Corp., and senior executive at PepsiCo, will also join Visby's board as an independent director.
WHAT IT DOES
Visby Medical offers at-home PCR tests for respiratory health and sexual health. Its Women's Sexual Health Test was the first at-home diagnostic test that can be obtained without a prescription to receive FDA authorization for at-home detection of chlamydia, gonorrhea and trichomoniasis.
The company will use the funds to speed up the launch and distribution of its Women's Sexual Health Test, scheduled for release in July 2025 through direct-to-consumer channels.
"Visby Medical has delivered the first and only laboratory-grade STI testing solution that can be made directly accessible to individuals. We were eager to invest in Visby ahead of their FDA clearance, knowing this would represent a breakthrough moment for the diagnostics industry. We are proud to support the company in its mission to reshape healthcare delivery," Ro said in a statement.
MARKET SNAPSHOT
In May, Visby Medical submitted its Men's Sexual Health Test to the FDA seeking 510(k) clearance. That test delivers results in under 30 minutes for chlamydia and gonorrhea detection from urine samples.
The company received 510(k) clearance in February for its point-of-care respiratory health test, a PCR test that detects influenza (Flu) A and B and COVID-19.
Visby scored $3.9 million in funding in January of this year, building on a $1.8 million grant the company secured in Dec. 2023.
In 2022, the company announced an oversubscribed $135 million Series E financing round.
Other companies offering at-home testing kits include Viome Life Sciences, maker of at-home tests for gut and immune system health; Nurx, a startup known for online purchases and deliveries of home health tests, birth control and other sensitive treatments for women; and Nectar Life Sciences, which specializes in allergy testing and treatment.
