GeneWeave Attracts $12M in Series B
LOS GATOS, CA, GeneWeave Biosciences, Inc., a clinical diagnostics company addressing multi-drug-resistant organisms (MDRO), today announced the completion of its $12 million Series B financing.
GeneWeave Biosciences, Inc., a clinical diagnostics company addressing multi-drug-resistant organisms (MDRO), today announced the completion of its $12 million Series B financing. The financing was led by Decheng Capital and included full participation of the existing investors Claremont Creek Ventures and XSeed Capital.
Proceeds from the financing will support clinical studies and commercialization of the company's sample-in/susceptibility-out platform technology. 'We are very excited to have the continued support of our investors as we develop diagnostic solutions to make patient care safer and more affordable,' said Steve Tablak, GeneWeave's Chief Executive Officer. 'With the rise of multi-drug resistant bacteria as a truly global health threat, the need for solutions that rapidly identify pathogens and determine their antibiotic resistance or susceptibility is greater than ever and GeneWeave has developed a transformative platform technology that addresses this problem.'
The emergence and spread of bacteria such as Methicillin-resistant Staphylococcus aureus (MRSA) and Carbapenem-resistant Enterobacteriaceae (CRE) that are resistant to currently available antibiotics is a worldwide threat recently highlighted in the World Health Organization's (WHO) report, Antimicrobial Resistance Global Report on Surveillance 2014. The report estimates that antimicrobial resistance results in an additional 8 million hospital days in the U.S. every year. The Centers for Disease Control and Prevention (CDC) estimates that more than 2 million people acquire a serious antibiotic-resistant bacterial infection every year and at least 23,000 people die as a result. Developing new diagnostics for resistant bacteria is one of four core actions recommended by the CDC to fight these infections and stay ahead of emerging resistant organisms.
GeneWeave Biosciences, Inc., based in Los Gatos, Calif., is a privately-held in vitro diagnostics company that is advancing clinical microbiology with diagnostic solutions that will enable hospitals and physicians around the world to prevent drug-resistant infections, improve antibiotic stewardship and quickly determine the optimal antibiotic therapy for critical bacterial infections. The company's innovative and proprietary Smarticles„˘ technology harnesses the power of biology to enable homogeneous assays that rapidly measure bacterial drug resistance without the need for enrichment, culture, or sample preparation.
About Decheng Capital
Decheng Capital is a leading venture capital firm that provides capital to early and growth stage life science companies in China and the U.S. Their team of investment professionals has complementary expertise, a long history of working together and a shared dedication to building highly successful companies that span the full spectrum of the life sciences industry. Their domain knowledge, access to innovative technologies and ability to bring proven Western products to China makes them the preferred partner for entrepreneurs, domestic and multinational companies, government agencies and investors. For more information visit http://www.decheng.com
About Claremont Creek Ventures
Claremont Creek Ventures (CCV) is a seed and early stage venture firm. CCV invests in companies that serve essential, broad-impact industries with innovative digital solutions that increase efficiency or create entirely new high-growth, high-margin businesses. As part of CCV's investment strategy, the firm practices 'life cycle venturing': establishing in-depth, active relationships with entrepreneurs alongside or even ahead of early-stage funding events. Claremont Creek Ventures has invested in over 40 companies including Natera, AssureX Health, GeneWeave Biosciences, DNAnexus, and Numedii and manages more than $300 million across two funds. Visit http://www.claremontcreek.com.
About XSeed Capital
Founded in 2006 as one of the pioneers of the new venture industry, XSeed Capital is an early stage investment firm that works with entrepreneurs who are setting the world on fire by building category-leading, high growth companies. XSeed makes initial investments at the seed stage and continues to support its portfolio companies with time, effort and follow-on capital through multiple investment rounds. XSeed primarily invests in companies in the software, computer science and broader IT areas. Leading companies include: StackStorm, CirroSecure, Trifacta, Zooz, AtScale, Chatous, Lex Machina, Biota, DropThought, SIPX, Pixlee, and GeneWeave Biosciences. For more information, visit http://www.xseedcap.com or follow XSeed on Twitter (@xseedcapital).
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