(Photo via @Aperiomics on Twitter)
Aperiomics continues to scale with the announcement of a major funding raise.
The Sterling, Virginia-based biotech startup said it has closed on a $1.8 million Series A investment round led by South Carolina-based investment group VentureSouth, with participation from Pipeline Angels, Propel(x) and others.
Aperiomics uses genomic analysis to detect every known pathogen from a sample of any nature in just one test. The startup first got on our radar when Crystal Icenhour, the company’s cofounder and CEO, competed in the 2018 Vinetta Project pitch challenge. Icenhour pitched in a preliminary and final round to take home the $20,000 grand prize.
The latest round of funding will primarily be used for building out the company’s lab and office, as well as to expand the team and increase overall sale and marketing activity, Icenhour told Technical.ly.
The startup also recently appointed renowned diagnostics innovator Dr. C. Alexander Valencia, Ph.D., as its chief clinical officer to oversee clinical test development. This brings Aperiomics to 11 employees working out of its headquarters and an eight-person external sales team of contractors, Icenhour said.
“The company’s Series A funding alongside Dr. Valencia’s robust background in molecular genetics will help to rapidly grow Aperiomics’ clinical capabilities, cementing the company’s leadership in the clinical genomics space,” Icenhour said.
Aperiomic’s Xplore-PATHO Test helps healthcare providers prescribe more precise treatments for specific conditions to offer patients better care.
One example of the startup’s success is its work with a 3-year-old girl who suffered from chronic urinary tract infections (UTIs), according to the press release. Aperiomic’s used its one-of-a-kind test to identify the rare infection causing the UTIs to occur so frequently. The girl’s doctors were then able to provide her with a specialized treatment for the infection that was going unidentified by traditional medical testing.
Aperiomics was featured on NBC’s “The Today Show” earlier this year for this case.
A company says they have technology that could shake up healthcare and help find answers for people who are plagued by chronic and often undetected illnesses. One family shares their story of how it helped get their now 3-year-old daughter healthy. pic.twitter.com/QHTUKqaYyJ
— TODAY (@TODAYshow) May 2, 2019
Aperiomics was born out of George Washington University in 2014 by cofounders Icenhour, President Dr. Keith Crandall, CTO Dr. Yuan Chen, Dr. Evan Johnson and Dr. Eduardo Castro-Nallar. Icenhour said the company is owned by its founders and roughly 50 angel investors.
Prior to its Series A round, Aperiomics raised $1.8 million in government grants and $512,000 in seed funding. Icenhour said the startup generated $1.3 million in revenue in 2018 and is looking to double that this year, and ultimately generate $25 million in revenue within the next three years.
Icenhour also said that Aperiomics plans to add a software engineer and an operations staffer to its team by the end of this year.
This funding raise comes a few months after Aperiomics announced its plans to relocate its corporate headquarters in Virginia from Ashburn to Sterling. The new office features a 4,700-square-foot space and is part of a designated Loudoun County Opportunity Zone. Opportunity Zones are part of a federal program that provides tax incentives for investments in new businesses and commercial projects in low-income communities.-30-
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