Nuclein, LLC, an Austin, Texas-based medical device company, closed a $14m Series B funding round.
The round was led by Trinity Private Equity Group, a Southlake, Texas-based private equity firm.
The company intends to use the funds to to commercialize its novel, hand-held PCR platform designed as a disposable, all-in-one, self-test for infectious disease diagnosis.
Led by Alan Blake, CEO and co-founder, and Dr. Richard Crockett, president and co-founder, Nuclein provides a device that runs real-time PCR, does not require technical expertise to operate, and delivers battery-powered, sample-to-answer results from saliva in under one hour, without the need to mail in a sample. While the Nuclein technology platform has been designed to detect any infectious disease target, the company is currently focusing on COVID-19 to assist with the ongoing pandemic.
With approximately $20 million raised to date, the company plans to apply to the U. S. Food and Drug Administration (FDA) for Emergency Use Authorization (EUA) to commercialize a COVID-19 testing device in the near future. Nuclein currently employs approximately 30 scientists, engineers, and other professionals. It is seeking to immediately hire additional molecular biologists, engineers, and manufacturing staff to support its growth.
With this investment, TPEG joins other early Nuclein investors, including board members Dr. William Cunningham, former President of the University of Texas at Austin, Dr. John Butler, former Director of IC2, and David Shockley, CEO of International Biophysics Corporation. Other early investors include advisory board members Joe Aragona, co-founder and General Partner of Austin Ventures, Jason Dorsey, president of the Center for Generational Kinetics, and Alan Richey, a Senior Vice President for Dell Technologies.