Innovative Biosensors (IBI) completed an $11.5 million series B financing, which includes equity and debt. The proceeds will be used to accelerate the commercialization of IBI’s biosensor-based technology for the detection of hospital- and community-acquired infections.
The financing round was led by Life Sciences Partners (LSP) and involved $9.5 million in equity capital. The company also increased its existing debt facility to $2 million from Silicon Valley Bank. Previous series A investors including Harbert Venture Partners, Chart Venture Partners, New Markets Growth Fund, and CNF Investments participated in this round.
IBI reports that its system, based on the Canary® technology developed at MIT’s Lincoln Labs, allows for highly accurate and sensitive diagnostic tests with results available in minutes. The technology is also tailored to detect biological threats in building security, military, and civil defense applications.
“Completing this round of financing with LSP and Silicon Valley Bank will ensure the rapid commercialization of our technology in the clinical diagnostic arena,” remarks Joe Hernandez, president and CEO. “Our success in the environmental marketplace and commercial potential in the IVD space has enticed the interest of additional investors who may yet join this round.”