Theranos-like blood-testing startup raises $27M

Truvian Sciences, a startup developing an automated benchtop system that can rapidly perform multiple tests on just a few drops of blood, announced Nov. 20 the close of its Series B financing.

The $27.1 million in capital brings Truvian's total funding to $46.3 million. The company also announced the additions of Katherine Atkinson, formerly of biotech company Epic Sciences, as chief commercial officer, and Paul Meister, former chairman of the board of Thermo Fisher Scientific, as a member of Truvian's board of directors.

Truvian has distinguished itself from Theranos, the embattled startup that promised to perform a suite of tests on a single drop of blood in minutes, by complying with regulatory review for both FDA 510(k) clearance and the European Economic Area's CE Mark. Indeed, the new infusion of funding will support the process of refining Truvian's technology for regulatory approval.

"We don't believe that single drop of blood from a finger stick can do everything," Jeff Hawkins, the startup's president and CEO, told TechCrunch to further differentiate Truvian from Theranos. "Fundamentally, as a company, we have built the company with seasoned healthcare leaders."

Truvian's ultimate goal is to build a compact system that can perform 40 of the most commonly ordered diagnostic tests — including a lipid panel, metabolic panel, complete blood cell count, thyroid, liver and kidney functioning tests, and more — in just 20 minutes. The "comprehensive wellness panel" could be priced as low as $50, and would be available in retail pharmacies and other easily accessible sites.

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