Sense Raises $50m Series B to Accelerate Launch of COVID-19 molecular test on its Veros™ Instrument-Free Product Platform
The investment led by Koch Disruptive Technologies helps Sense accelerate its portfolio of products to deliver patient-focused healthcare
April 20, 2021 – Sense Biodetection (Sense), today announced that it has raised a $50m Series B investment to advance commercialization of its VerosTM COVID-19 product and continue development of a portfolio of instrument-free, rapid molecular tests that enable improved access, outcomes, and value through patient-focused decentralized healthcare. The Veros™ platform introduces novel and proprietary rapid molecular amplification technology to detect a variety of deadly and costly diseases. The Series B round was led by Koch Disruptive Technologies (KDT), a subsidiary of Koch Industries, Inc.
“This Series B round is crucial in providing us with the resources to grow our Veros platform to revolutionize decentralized point-of-care testing; and it is particularly important as we commercialize our Veros COVID-19 test, which delivers laboratory quality results directly to users within minutes, without an instrument. This will be an essential tool in the effective management of outbreaks of this and other diseases,” said Harry Lamble, CEO of Sense. “Partnering with KDT provides us the support we need to deliver on our ambitious plans to quickly scale manufacturing and commercialize the Veros platform and launch a whole pipeline of testing products, beginning with the Veros COVID-19 test.”
Sense’s Veros product platform ushers in a pioneering new class of molecular diagnostic test that brings the performance of central laboratory PCR testing into a rapid, easy-to-use, disposable format. Unconstrained by an instrument or reader, Veros products can be utilized beyond traditional healthcare settings, enabling better access, outcomes, and value for patients and providers.
“KDT sees huge potential for Sense’s Veros platform to transform the way medical providers and patients approach healthcare, empowering more choice, increased access, and better quality of care. Sense’s vision to decentralize the healthcare system, through its flexible point-of-care testing capabilities for a variety of diseases, presents a foundational shift in an industry ripe for disruption,” said Chase Koch, President of Koch Disruptive Technologies. “Sense’s talented team and its innovative Veros platform are changing the way we manage healthcare and infectious diseases, and we expect even greater applications of their technology as they continue to grow.”
The Series B investment also included participation from Sense’s existing investors Cambridge Innovation Capital, Earlybird Health, Jonathan Milner and Mercia Asset Management.
About Sense: Sense Biodetection is a global molecular diagnostics company focused on empowering patients and transforming healthcare access and affordability by bringing lab-quality results though easy-to-use, rapid, disposable molecular tests without the constraints of an instrument. The company’s VerosTM product platform will enable widespread testing to enhance patient access, improve population health and lower systemic costs. Sense is growing rapidly as it prepares to launch VerosTM COVID-19, and build a portfolio of tests for other diseases. For more information, visit www.sense-bio.com
About Koch Disruptive Technologies
Koch Disruptive Technologies (KDT) is a unique investment firm, focused on empowering founders to create a could-be world. KDT provides a flexible, multi-stage investment approach which includes both traditional venture and growth stages. We work with principled entrepreneurs who are building transformative companies, disrupting the status quo, and creating new platforms. KDT is a subsidiary of Koch Industries, one of the largest privately held companies in the world with $115 billion in revenue and operating in more than 70 countries. KDT helps its partners unlock their full potential by bringing Koch’s capabilities and network to them, structuring unique capital solutions, and embracing a long-term, mutual benefit mindset. For more information, visit www.kochdisrupt.com.