DURHAM, N.C., July 28, 2015 /PRNewswire/ -- Baebies, Inc. today announced the completion of a round of equity financing totaling $13 million. The oversubscribed round of financing included key investors Rex Health Ventures, DUMAC, LLC (managers of the Duke endowment), Cunning Capital, Triad, LLC, the Duke Angel Network and a loan from the North Carolina Biotechnology Center. Many of Advanced Liquid Logic's (ALL) former investors including Charleston Angel Partners, and Baebies' executive team, also invested.
"Rex is pleased to support this promising young company," said Steve Burriss, president of Rex Healthcare, the Raleigh-based health system that started Rex Health Ventures in 2012. "Not only will we further our mission by improving the health of newborn babies, but we are in a unique position to aid Baebies in the development of their groundbreaking products."
Baebies is developing innovative and easy-to-use products using state-of-the-art technologies to advance newborn screening worldwide. "Over 100 million babies born each year are not screened for even the most basic treatable congenital disorders. This translates to nearly 250,000 children each year whose lives could be dramatically improved with screening. We can make a real difference," said Vamsee Pamula, Baebies president and co-founder.
Pamula and CEO Richard West founded Baebies to address the need for better tools in global newborn screening after the sale of Advanced Liquid Logic to Illumina, Inc. and have built a strong team, including many employees that have previous experience with the digital microfluidics platform. "The impressive team and product vision of the company reinforced the decision by our members to make Baebies our first investment," said John Glushik, Managing Director for the Duke Angel Network.
The company licensed its core technology, digital microfluidics, from Illumina. In addition to a technology license in newborn screening that does not include sequencing, Baebies also received equipment, contracts, and other consideration in exchange for a share of ownership in the new company. "What all this means is that we get to start the company in the middle, instead of at the beginning," said West.
About Baebies, Inc.
Baebies is guided by the vision that "everyone deserves a healthy start". Baebies is saving lives, making lives better, and enabling easier access to testing for babies around the world by delivering a new paradigm to newborn screening. Baebies is bringing new technology, new tests, and new hope to parents and healthcare professionals worldwide. Baebies is headquartered in Durham, NC. For more information, please visit www.baebies.com.
SOURCE Baebies, Inc.