Chronus Health Raises $22 Million in Series A Financing to Accelerate Development of Portable, Rapid Blood Analyzer Technology
— Company poised to disrupt $80 billion U.S. clinical laboratory market —
MOUNTAIN VIEW, Calif.—January 12, 2022—Chronus Health, a point-of-care diagnostics company, announced today that it has raised $22 million Series A financing led by Tarsadia Investments with participation from Monta Vista Capital, SOSV, Savantus Ventures, and an undisclosed strategic investor.
While several on-site blood analyzers are already available in the market, most clinics are reluctant to buy them due to their size, operational complexity, and cost. Chronus Health’s portable in-vitro diagnostics (IVD) platform facilitates real-time blood diagnostics at the point-of-care, providing lab results in minutes with the aim of dramatically improving patient outcomes. The system is designed to handle approximately 85% of the blood tests performed annually.
“Our revolutionary platform is poised to disrupt the clinical lab testing market, which primarily relies on expensive and bulky blood analyzers in central labs,” explains Anand Parikh, CEO and co-founder of Chronus Health. “Our low cost and compact system, which leverages microfluidic and semiconductor technologies, enables real-time diagnostics in multiple clinical settings and is designed to improve time-to-care and outcomes for patients globally.”
“Chronus has approached an incredibly difficult technical challenge from first principles, which has resulted in a scalable system optimized for the future of healthcare delivery. While many have focused on re-engineering legacy technologies into new form factors, we believe Chronus’ novel approach will unlock the true market potential for real-time diagnostics,” said Rishi Reddy, managing director of Tarsadia Investments and Chronus Health board member.
Chronus intends to use the proceeds of the Series A financing to scale its research, engineering, and data science teams, in addition to accelerating the company’s product and technology development.
About Chronus Health
Chronus Health, a Fogarty Innovation company, develops in-vitro point-of-care devices leveraging microfluidics and semiconductor technologies with a mission to reduce time-to-care and improve patient outcomes. Learn more at chronushealth.com.