US-based startup Tasso has raised $17m through a Series A financing round to scale up manufacturing and operations and meet the increased demand for its at-home blood collection devices.
The company’s OnDemand devices enable people to collect their own blood and send it to a CLIA-certified, high-complexity clinical laboratory for analysis.
Currently, the products are being validated for a range of applications such as routine diagnostics, chronic disease monitoring, infectious disease surveillance, athletic and sports testing and virtual clinical trials.
Tasso CEO and co-founder Ben Casavant said: “The coronavirus pandemic has underscored the surging demand for more diagnostic solutions that are patient-friendly and can be deployed easily at home.
“The Tasso OnDemand devices are enabling people to be tested for Covid-19 and many other routine diagnostic applications from anywhere at any time. This funding round is a strong validation of our approach and will allow us to build on our recent successes and enhance the platform with new value-added services in the future.”
The financing round was led by Hambrecht Ducera Growth Ventures with participation from Foresite Capital, Merck Global Health Innovation Fund, Vertical Venture Partners, Techstars and Cedars-Sinai.
As part of the investment, Hambrecht Ducera Growth Ventures partner Elizabeth Hambrecht joined Tasso’s board of directors.
Elizabeth Hambrecht said: “With its talented team and proven technology platform, Tasso is poised to transform the traditional, painful, in-person blood draw process, which has been the standard of care for the past six decades.
“Tasso continues to consistently exceed our expectations with all of its co-development collaborations, even amid these unprecedented market challenges. We look forward to supporting the Tasso team on its journey to realising the full potential of its platform.”
So far, Tasso has raised a capital of $38.6m, which includes grants, private investments and co-development collaborations.
The privately held company is funded by grants from the Defense Advanced Research Projects Agency, Defense Threat Reduction Agency and the National Institutes of Health.