Veravas raises $4 million in seed funding to transform laboratory medicine
Veravas, a Charleston, South Carolina-based diagnostic startup has raised $4 million in funding from private investors. The financing, which comes through the issuance of convertible notes, will be used to transform laboratory medicine with technology that delivers superior test results, providing confidence to clinicians and patients that diagnoses are accurate.
Founded in 2017, Veravas develops proprietary sample pretreatment products and new diagnostic tests to provide laboratories with high-value solutions for the accurate diagnoses of some of the world’s most devastating diseases. Veravas’ nanomagnetic particles can identify, remove, and measure select substances from patient samples to reduce the effects of complex interferences and detect low-abundance biomarkers. Led by a passionate and dedicated team, Veravas is devoted to improving patient lives by minimizing the harmful effects of unnecessary treatments and deaths associated with poor quality diagnostic results
Veravas is also building new strategic collaborative partnerships to bring other diagnostic applications to the clinical in vitro diagnostics market. A recent partnership announcement with Tymora Analytical will focus on developing the world’s first diagnostic test for Alzheimer’s Disease (AD) from human plasma samples as an alternative to current cerebral spinal fluid (CSF) neuromarkers testing.
Veravas’ proprietary sample preparation technology uses nanomagnetic beads that can be added to patient test samples. This core technology enables the simple, efficient and cost effective capture of specific substances for removal and to concentrate and quantify those factors for improved measurement of complex biomarkers.
“We are confident in the value of our technology. Continuation of this funding round is crucial for advancing our work to set the stage for a Series A equity funding round slated for later this year,” stated Carroll E. Streetman Jr., CEO, Veravas. “We will continue our convertible note round of funding until Series A is complete. The funds are being used to expand our research and development staff, build product inventory, and continue our focused B2B commercialization activities.”