Baebies, Inc., a Durham, NC-based developer of products using technologies to advance newborn screening worldwide, completed $13m in equity financing.
Backers included Rex Health Ventures, Charleston Angel Partners, Dumac, LLC (managers of the Duke endowment), Cunning Capital, Triad, LLC, the Duke Angel Network and a loan from the North Carolina Biotechnology Center.
Led by Vamsee Pamula, president and co-founder, and Richard West, CEO, Baebies developed a nimble bioassay automation platform to rapidly perform multiplex enzymatic assays and other tests.
The company licensed its core technology, digital microfluidics, from Illumina. In addition to a technology license in newborn screening that does not include sequencing, Baebies also received equipment, contracts, and other consideration in exchange for a share of ownership in the new company.