Babson Diagnostics Closes $13.7 Million Series A to Democratize Diagnostic Blood Testing
September 24, 2020
Austin, Texas - Babson Diagnostics, a transformative medical technology company, announced today it closed $13.7 million in cumulative Series A funding, led by Siemens Healthineers, Prism Ventures, Genesis Merchant Capital, and Lago Consulting Group.
“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 Founder
Originally incubated at Siemens Healthineers and developed in partnership with Becton Dickinson, Babson’s disruptive technology is designed to analyze capillary blood samples using only one-tenth the volume typically collected with venipuncture without sacrificing quality, accuracy, or menu breadth, all from a simple finger stick.
“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,” said Eric Olson, Babson’s founder. “Together with our growing team and strong network of strategic partners, we will realize our mission to improve our customers’ health by making diagnostic blood testing more convenient, accessible, and human.”
Babson plans to deploy its proprietary technology ecosystem at accessible retail locations—such as pharmacy counters—throughout the country, giving customers the benefit of longer hours of operation, low out-of-pocket costs, and a more human experience.
“Babson Diagnostics was incubated from its earliest days within Siemens Healthineers,” said Dr. Deepak Nath, president of laboratory diagnostics for Siemens Healthineers. “As an innovation- and consumer-driven company, we are excited to see that Babson’s work is still rooted in our shared values. The company continues to make great progress in democratizing diagnostic blood testing and in contributing to the U.S.’s fight against the COVID-19 pandemic.”
Babson’s 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 workforces, and is currently in use in clinical studies with leading research centers such as Dell Medical School at The University of Texas at Austin.
The following disclaimers apply:
- This test has not been FDA cleared or approved;
- This test has been authorized by FDA under an EUA only for use by the authorized laboratory, Babson Diagnostics, Inc.
- This test has been authorized only for the detection of IgG antibodies against SARS-CoV-2, not for any other viruses or pathogens;
- This test is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner.
About Babson Diagnostics
Babson Diagnostics is a healthcare technology company focused on moving laboratory testing to the pharmacy counter. Babson has developed a model for diagnostic blood testing that maintains a high standard of accuracy, yet requires only one-tenth the sample size of traditional venipuncture methods.