Proceeds from the Series C financing round will be used by the company to increase manufacturing, supply, and testing capacity for COVID-19, as well as scale-up activity at its CLIA certified high complexity laboratory in California
Fremont, CA: Leading direct-to-consumer at-home health testing and insights company LetsGetChecked announced the closing of a USD 71 million oversubscribed Series C financing round co-led by Illumina Ventures and HLM Venture Partners, with participation from new investors Deerfield, CommonFund Capital, and Angeles Investments. The round was also participated by existing investors Transformation Capital, Optum Ventures, and Qiming Venture Partners USA. As part of the financing round, Nick Naclerio, Founding Partner at Illumina Ventures, and Steven Tolle, Partner at HLM Venture Partners have joined as new Board members.
"As a fund dedicated to improving human health, we're thrilled to support LetsGetChecked's mission of empowering consumers to take more control of their personal health," said Nick Naclerio. "The company's work has never been more important now that the world faces a global pandemic, forcing us all to re-evaluate how we obtain health and wellness services. LetsGetChecked is already having a profound impact on patient-led at-home healthcare, which is necessary now and will become increasingly common in the future."
Proceeds from the Series C financing round will be used by the company to increase manufacturing, supply, and testing capacity for COVID-19, as well as scale-up activity at its CLIA certified high complexity laboratory in California. The company will also use the funds to expand supply and business operations and support personnel across the United States and Europe and to deepen its partnerships with leading insurers and employers. "HLM invests in companies that inherently drive adoption due to the need they serve, and companies that leverage important market trends. In this case, LetsGetChecked is helping to improve consumer access to care, which is increasingly essential," said Steven Tolle.
The company's "twin-track" Coronavirus test includes a rapid (antibody) serology test for results within 15 minutes, followed by a PCR-based test that requires a swab sample to be collected from a patient and later processed within the LetsGetChecked high complexity CLIA lab. "We have been developing our platform for more than five years and have helped hundreds of thousands of individuals by enabling access to high-quality testing and telehealth services in the home, across many health conditions. With the onset of COVID-19, we realigned resources with a view to helping with this global pandemic and are currently delivering tens of thousands of tests per day to critical and frontline healthcare workers", said LetsGetChecked founder and CEO Peter Foley.