Sherlock Biosciences has raised $80m in a Series B financing led by Novalis LifeSciences to develop new at-home diagnostic tests.
The financing round included existing investors Good Ventures and Northpond Ventures, as well as others.
New investors, including Albany Capital, Illumina Ventures and Catalio Capital Management, also participated in the round.
The new financing increases Sherlock’s total funding raised to $111m.
Sherlock intends to use the funding to support partnerships and develop products for the detection of DNA and RNA enabled by its decentralised diagnostic platform.
The platform, which uses CRISPR and synthetic biology, can operate without complex instrumentation and be used for a range of applications in low-resource settings, such as the home.
Using CRISPR-based SHERLOCK and synthetic biology-based INSPECTR, Sherlock is combining PCR’s accuracy with antigen tests’ simplicity and convenience for molecular diagnostic testing at the point of need.
Sherlock Biosciences president and CEO Bryan Dechairo said: “Sherlock is dedicated to breaking down diagnostic barriers and bringing health information to people around the world.
“Our novel chemistries combine the accuracy of PCR with the simplicity and convenience of antigen tests, powering a decentralised diagnostic platform for DNA and RNA detection.”
The company said that the two platforms have a range of potential applications, including treatment monitoring, precision medicine, infectious diseases and early cancer detection.
Novalis LifeSciences partner Paul Meister will join the board of directors of Sherlock Biosciences.
In 2020, Sherlock received a $5m grant from the Bill & Melinda Gates Foundation to advance the development of INSPECTR, its instrument-free, synthetic biology-based molecular diagnostics platform.