Sherlock Biosciences Raises $80 Million in Series B Financing to Democratize At-Home Diagnostic Testing
Funding led by Novalis LifeSciences to develop novel diagnostic products, powered by Sherlock’s proprietary platform leveraging CRISPR and synthetic biology
BOSTON – MARCH 8, 2022 Sherlock Biosciences, a company engineering biology to bring next-generation diagnostics to the point-of-need, today announced it has raised $80 million in a Series B financing. The round was led by Novalis LifeSciences and included new investors Illumina Ventures, Albany Capital and Catalio Capital Management, among others. They joined Northpond Ventures, Good Ventures, and other existing investors, bringing $111 million in total funding raised to date.
“Sherlock is dedicated to breaking down diagnostic barriers and bringing health information to people around the world,” said Bryan Dechairo, President and CEO of Sherlock Biosciences. “Our novel chemistries combine the accuracy of PCR with the simplicity and convenience of antigen tests, powering a decentralized diagnostic platform for DNA and RNA detection. We are grateful to our funding partners for supporting our mission to ignite a convenience revolution in healthcare and further global public health.”
Powered by CRISPR and synthetic biology, Sherlock’s proprietary engineering biology tools form the foundation of its decentralized diagnostic platform for DNA and RNA detection. This new funding will drive development of products and partnerships, enabled by this platform, that can operate at ambient temperature without complex instrumentation, opening up a wide range of applications in low resource settings including the home.
“The pandemic undoubtedly shone a light on long-existing challenges in our healthcare system, from inaccessibility to inconvenience and concerns around privacy,” said Paul Meister, Partner at Novalis LifeSciences, who will be joining the Sherlock Biosciences Board of Directors. “Diagnostic testing is ripe for disruption and we believe Sherlock is uniquely suited to shift the testing paradigm across a range of applications with unmatched accuracy and speed. Sherlock’s dominant IP position, innovative science and visionary leadership team makes it well positioned to decentralize and democratize the at-home diagnostics market.”
About Sherlock Biosciences
Sherlock Biosciences is developing products that will empower people to access answers and have more control over their health decisions. Through our engineering biology tools, CRISPR-based SHERLOCK™ and synthetic biology-based INSPECTR™, we are bringing together the accuracy of PCR with the convenience and simplicity of antigen tests for molecular diagnostics at the point-of-need. SHERLOCK and INSPECTR can be used in virtually any setting without complex instrumentation, making it well suited for use in the home and in low resource settings, opening up a wide range of potential applications in areas including infectious disease, early detection of cancer, treatment monitoring, and precision medicine. In 2020 the company made history with the first FDA-authorized use of CRISPR technology. For more information please visit www.sherlock.bio.
About Novalis LifeSciences
Novalis LifeSciences is a boutique investment and advisory firm for the Life Science industry that was founded in 2017 by Marijn E. Dekkers. With a team of experienced operating executives from the Life Science industry, Novalis funds and advises visionary Life Science entrepreneurs. In addition to making financial investments, Novalis provides strategic and operational advice to portfolio companies that are at a critical growth stage in their development. For more information, visit novalislifesciences.com.
Dean Mastrojohn, Goodfuse Communications