ANN ARBOR, MI - (August 4, 2008) - Less than a month after releasing its diagnostic tool for infectious diseases, HandyLab Inc. has raised $19.2 million in Series D financing.
New investors Dow Ventures and Lurie Investments, and all of the company's existing investors - a group including Arboretum Ventures, Ardesta, DuPont Ventures, EDF Ventures, SBV Venture Partners and Wolverine Investment Fund - provided the funding, said Jeff Williams, HandyLab's chief executive.
Williams said the round had no lead, with the company setting the terms, which remain undisclosed. News of the funding was reported earlier by Crain's Detroit Business.
Based in Ann Arbor, Mich., HandyLab has developed a DNA diagnostic device called the Jaguar Automated PCR System that uses a miniaturized detection system capable of processing raw clinical and environmental samples. Williams said the device was formally launched a few weeks ago and targets a range o f infectious diseases including Group B streptococcus, chlamydia, gonorrhea and herpes.
"These are big markets that we think will benefit from the Jaguar," Williams said of the choice of indications HandyLab is pursuing.
Williams said the financing would also take the company to profitability, although he declined to say when he expected HandyLab to reach that milestone.
HandyLab, which has 48 employees, has raised a total of about $46 million to date, Williams said. The company most recently closed an $11.5 million Series C round in January 2006.