AUSTIN, Texas--(BUSINESS WIRE)--Babson Diagnostics (Babson), 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.
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.
To learn more about Babson, visit www.babsondx.com.
About Babson Diagnostics
Babson Diagnostics aims to democratize diagnostic blood testing by making it easier, faster, and more pleasant for customers to routinely monitor and improve their health. Babson's proprietary technological ecosystem is designed to deliver accurate diagnostic results with a more human experience. Based in Austin, Texas, its vision for diagnostic blood testing—built on accuracy, convenience, and accessibility—combines transformative diagnostic technology with a customer-first, retail-centric business model that aims to improve customer health and experience. Prior to commercialization, Babson Diagnostics is working with retail pharmacies to validate its technology by conducting clinical studies intended for peer-reviewed publication. For more information on Babson Diagnostics, please visit www.babsondx.com.
