Participated · Series B · Oct 2020

LightDeck Diagnostics, based in Boulder, produces machines that scan patient samples to detect health-related signals such as COVID-19 antibodies, cardiac arrest markers, sepsis markers and other toxins. The company’s core product is diagnostic scanning equipment intended for rapid detection across multiple conditions. According to an SEC disclosure, LightDeck raised an additional $9.9 million by selling a combination of equity and future warrants. The disclosure was reported by Mbio Diagnostics Inc., one of the two diagnostics companies that combined last summer. The company has previously raised roughly $45.75 million in venture-capital funds, per earlier SEC filings. It is unclear from the article how the newly raised funds will be used, and the company did not respond to a request for comment. LightDeck Diagnostics develops a proprietary analyzer and planar waveguide cartridges that mix patient samples with reagent pellets and fluorescent markers to rapidly detect specific molecules. After sample introduction the system moves the mixture across printed molecular spots on the waveguide; fluorescent signal amplitude is read by instrument software to produce results. The company reports its analyzer detects SARS-CoV-2 antibodies with 97.9% sensitivity and 99.6% specificity. LightDeck holds 30 patents on the underlying technology, which was developed at the University of Utah and the Naval Research Laboratory and commercialized via Precision Photonics and mBio. The company was formed earlier this year through a merger of mBio and Brava Diagnostics and is scaling its test menu beyond COVID-19 to heart disease and sepsis. It is already shipping thyroid and hormone tests in the veterinary market and has received multiple grants to expand water-quality testing. MBio Diagnostics builds the MBio Array System, a portable multiplex reader that produces lab-quality results in 1–20 minutes via low-cost, disposable load-and-go cartridges. The system uses patented LightDeck® planar waveguide and fluorescent detection to eliminate sample prep and can be configured to detect proteins, cells, nucleic acids and small molecules. The platform is positioned for broad applications across medical, veterinary, food safety and environmental monitoring, and MBio highlights recently launched water quality tests. MBio emphasizes low-cost injection-molded consumables, high reproducibility, and scalability to large-volume manufacturing. The company says it is working with commercialization partners, including a strategic veterinary partner, Heska, to drive growth. MBio announced an additional $6 million in Series B financing to support platform refinement and manufacturing scale-up. MBio Diagnostics develops rapid, portable on-the-spot diagnostic and sample-testing systems, notably the MBio Array System and disposable cartridges. Its Array System and proprietary LightDeck® technology enable simple, multiplex laboratory-quality cyanotoxin and other toxin testing to be performed in the field, delivering panel results in minutes. The company positions the platform for applications across drinking-water protection, commercial food-resource monitoring, and ecosystem management, and cites broader target markets including medical, veterinary, environmental, food, agricultural, and military testing services. MBio has worked with domestic and international collaborators and published multiple validation studies in the scientific literature. The NSF grant announced in July 2016 is intended to advance development and commercialization of MBio's water toxin testing platform. MBio is headquartered in Boulder, Colorado. MBio Diagnostics develops the MBio Array System, a portable, multiplex reader that delivers lab-quality results in 1 to 20 minutes using disposable load-and-go cartridges. The cartridges detect multiple analytes, including proteins, cells, nucleic acids, and small molecules. Led by CEO Chris Myatt, the company focuses on bringing lab-quality testing into a portable format. MBio closed a $6.3M Series B to advance its technology and commercial plans. The company intends to use the proceeds to refine the platform, improve manufacturing, and execute a partnering strategy to commercialize the technology.

Participated · Equity · May 2007

Tria Beauty is a Pleasanton, Calif.-based cosmetic medical device company that makes at-home hair removal and skin rejuvenation devices using light-emitting technology. Its products are sold both by physician prescription and over the counter at retail stores. The company went public one year ago in an IPO underwritten by Morgan Stanley and Wells Fargo. Tria has pursued additional capital via private offerings, launching a hoped-for $20 million raise last year from six unnamed investors. It is currently conducting an open-ended equity offering and has so far raised $40 million from 13 unnamed investors, with filings indicating no cap on the total and an expected wrap-up by 2015. Regulatory filings also show several company directors have links to venture and life-science firms including Vivo Ventures, Aisling Capital, Technology Partners, DeNovo, SurgeRx, PLxPharma and Bay City Capital. TRIA Beauty develops and sells light-based skincare products. The company completed a combined equity and debt financing to support its commercialization efforts. It plans to use the new funds to continue to commercialize its light-based skincare products globally. TRIA completed $27M in equity and $10M in debt financings, for a total of $37M. Following an initial $15.6M closing in August 2010, the company secured an additional $21M from existing and new investors, including Morgan Stanley Alternative Investment Partners and Silicon Valley Bank. The company is led by CEO Kevin Appelbaum and added Mike Valentino and Ed Unkart to its board of directors. Tria Beauty, formerly SpectraGenics and based in Pleasanton, Calif., produces a laser hair-removal device cleared for home use and recently approved by the FDA for the U.S. market. The device has been sold in Japan and some European countries prior to U.S. clearance. Tria positions its product as a lower-cost, more accessible alternative to specialist-performed laser hair removal, targeting adoption in homes and beauty salons to expand its market. The company raised $30 million in its fifth round of financing, which will support market expansion as the devices become more common. Tria’s prior financing included a round of over $20 million. SpectraGenics develops laser hair-removal devices designed for home use. The company is based in Pleasanton, Calif. It sells a version of its device in Japan under the name i-epi. The business appears to operate fairly stealthily. Financially, SpectraGenics raised at least $20 million in a fourth round of funding. That round was led by De Novo Ventures and Technology Partners, with participation from Aphelion Capital, Incubic Venture Capital and SDL Ventures.