Rhinostics Announces First Close of its Series A-2 Financing Round, Led by Shadow Capital
Funds Will Accelerate Market Penetration and Novel Technology Development to Improve Diagnostic Sample Collection and Processing Workflows
WALTHAM, Mass.--(BUSINESS WIRE)--#acceleratecovidtesting--Rhinostics Inc., pioneers in bringing efficiencies to sample collection through modernized technologies, announced the first closing of its Series A-2 financing round, led by Shadow Capital, a new life science technology-focused venture firm making investments in fast growth diagnostics platforms that target improvements to home collection and improving laboratory workflows. Shadow Capital joins existing Series A and A-1 investors Covid Apollo and Avestria Ventures.
Rhinostics is at the forefront of revolutionizing sample collection. As a spin-out company from Harvard University and Wyss Institute, Rhinostics is taking a radical new approach to sample collection device design and function. Its RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe.
“Sample collection is such an integral step in healthcare; we’re excited to see Rhinostics’ growing list of technology innovations reach the market where they will have wide-ranging utility and benefit, especially in the telehealth and home collection markets,” noted Evan Sullivan, Managing Director at Shadow Capital. “We are eager to join with and support the Rhinostics leadership team in their sample collection workflow revolution.”
“Our first year was amazing, with a small team that executed on delivering nearly $9M in revenue, and this year is full steam ahead in our sample collection workflow revolution,” commented Cheri Walker, PhD, President and CEO of Rhinostics. “As we grow and expand our business, we are excited to have Shadow Capital join us to support our vision for impacting diagnostic workflows and empowering easier and better home collection and diagnostic testing. We expect the growing momentum behind telehealth and home collection to continue driving the need for easier collection technologies that provide more robust results and faster turnaround times.”
Proceeds from Shadow Capital and others in the funding round will be used to further grow its commercial and support teams, expand manufacturing lines, and support working capital. The funds will also boost development of new products such as longer swab formats and to facilitate blood collection. Rhinostics expects to continue to expand its team and to broaden market penetration as part of an aggressive go-to-market strategy as its technologies are more broadly utilized from its position in COVID-19 testing to genomic, STD testing, and beyond.
About Shadow Capital
Founded in 2022, Shadow Capital is a new venture capital investor that focuses on enabling US-based life science and healthcare technologies that impact patient health and wellbeing. By funding and partnering with like-minded ambitious entrepreneurs in early-stage startups, Shadow aims to positively impact individuals and societies while also generating exceptional investor returns. The firm powers investment and support activities for its portfolio companies from their offices in Boston, Austin and Philadelphia.
Rhinostics is at the forefront of revolutionizing sample collection, a spin-out company from Harvard University and Wyss Institute, that is taking a radical new approach to sample collection device design and function. We recognize that many automated microplate-based workflows are encumbered by manual steps at the workflow’s beginning, and aim to develop and commercialize elegant, automated collection devices to break through these bottlenecks. Using our advanced collection device technologies such as the RHINOstic® Automated Nasal Swab, test kit manufacturers can empower comfortable yet high-end patient experiences with abundant and clean sample yields for tests from lateral flow to microfluidics; all while boosting profits and differentiating their brand. Test processing laboratories conducting sensitive assays from traditional PCR to LAMP or antigen testing and more gain 10x sample throughput compared to manual workflows for cost-effective and robust assay performance even when working with difficult samples; with labor reductions of 80+%, even during times of surging demand. Rhinostics aids testing workflows during the COVID-19 pandemic and beyond – in areas like respiratory disease, genomics, STDs, forensic and much more. Rhinostics products are registered as Class I exempt medical devices with the U.S. FDA and may be used for clinical collection upon CLIA validation. In 2022, Rhinostics received a Bronze Edison Award in the COVID-19 Innovations, Testing Solutions category for the RHINOstic® Automated Nasal Swab. To learn more, visit https://www.rhinostics.com.
Chere Griffin, Rhinostics, Inc.
Cheri Walker, Rhinostics, Inc.