Indi (Integrated Diagnostics), a Seattle, WA-based molecular diagnostics company pioneering the use of blood-based proteomic tests, raised $47.25m in funding.
It came from the $30.25m closing of its Series B round and $17m in non-dilutive debt financing provided by Life Sciences Alternative Funding LLC (LSAF). The equity round was led by Baird Capital with participation from existing investors InterWest Partners and the Wellcome Trust, as well as Alexandria Venture Investments, the strategic venture arm of Alexandria Real Estate Equities, Inc.
As part of the financing, Michael Liang, Ph.D., partner with Baird Capital’s venture capital group, joined Indi’s board of directors.
The company’s first product, Xpresys™ Lung, is a molecular diagnostic blood test developed to provide physicians with an objective tool to manage indeterminate lung nodules.
The mixed proceeds will be used to further commercialize Xpresys, which launched in late 2013, and to develop additional proteomic blood tests using Indi’s technology platform.
The company was co-founded in October 2009 by systems-biology pioneer Dr. Lee Hood and is led by Albert A. Luderer, Ph.D., chief executive officer.