Genalyte Announces Oversubscribed $50 Million Financing Round to Expand Testing Menu and Deploy Platform

SAN DIEGO, Jan. 11, 2021 /PRNewswire/ -- Genalyte, a leading diagnostics and analytics company, announced today the closure of $50 million in financing.  Genalyte's Maverick™ Diagnostic System (MDS) uses silicon chip based photonic ring resonance technology to perform multiple, simultaneous, rapid tests on a small volume of whole blood or serum in twenty minutes.

"We are energized by the very enthusiastic response from Investors for this latest round of funding," said CEO Ashraf Hanna.  "Genalyte is uniquely positioned to improve the laboratory diagnostic and analytic space.  We've demonstrated the strength of our technology in our EUA authorized SARS-CoV-2 Multi-Antigen Serology Panel, which is able to measure 26 different antibodies from one drop of blood.  Independent tests by the Mayo Clinic, Scripps, and Northshore Healthcare have consistently verified the platform's industry leading capabilities."  

The financing round was led by Verily, an Alphabet company, and included current major investors Provenio Capital, Redmile, Khosla Ventures, HBM Partners, Samsara and others.

Andy Conrad, CEO and founder of Verily has been nominated to Genalyte's board of directors.  "Verily and Genalyte share a common vision of empowering physicians and patients with timely insights to improve outcomes and lower the cost of care," said Andrew Conrad.  "I look forward to working with Genalyte as they continue to innovate technology to advance rapid diagnostics and analytics."

The company intends to utilize the funding to expand the Maverick test menu and rapidly deploy the Maverick platform in clinical and retail settings.  

About Genalyte: Genalyte is a healthcare diagnostics and analytics company that improves patient outcomes and lowers cost with real-time results for physicians and patients. Genalyte delivers rapid, actionable results to doctors through decentralized laboratory testing. For more information, please visit www.genalyte.com.

SOURCE Genalyte Inc