WALTHAM, Mass.– Rhinostics Inc., pioneers in bringing efficiencies to sample collection through modernized technologies, announced the first closing of its Series A-2 financing round, led by Shadow Capital, a new life science technology-focused venture firm making investments in fast growth diagnostics platforms that target improvements to home collection and improving laboratory workflows. Shadow Capital joins existing Series A and A-1 investors Covid Apollo and Avestria Ventures.
Rhinostics is at the forefront of revolutionizing sample collection. As a spin-out company from Harvard University and Wyss Institute, Rhinostics is taking a radical new approach to sample collection device design and function. Its RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe.
“Sample collection is such an integral step in healthcare; we’re excited to see Rhinostics’ growing list of technology innovations reach the market where they will have wide-ranging utility and benefit, especially in the telehealth and home collection markets,” noted Evan Sullivan, Managing Director at Shadow Capital. “We are eager to join with and support the Rhinostics leadership team in their sample collection workflow revolution.”
“Our first year was amazing, with a small team that executed on delivering nearly $9M in revenue, and this year is full steam ahead in our sample collection workflow revolution,” commented Cheri Walker, PhD, President and CEO of Rhinostics. “As we grow and expand our business, we are excited to have Shadow Capital join us to support our vision for impacting diagnostic workflows and empowering easier and better home collection and diagnostic testing. We expect the growing momentum behind telehealth and home collection to continue driving the need for easier collection technologies that provide more robust results and faster turnaround times.”
Proceeds from Shadow Capital and others in the funding round will be used to further grow its commercial and support teams, expand manufacturing lines, and support working capital. The funds will also boost development of new products such as longer swab formats and to facilitate blood collection. Rhinostics expects to continue to expand its team and to broaden market penetration as part of an aggressive go-to-market strategy as its technologies are more broadly utilized from its position in COVID-19 testing to genomic, STD testing, and beyond.
