Molecular Diagnostics Company Indi Nets $47.25M Financing
April 30, 2014
Indi (Integrated Diagnostics), a molecular diagnostics company developing blood-based proteomic tests, has raised $30.25 million from the closing of its Series B and $17 million in non-dilutive debt financing provided by Life Sciences Alternative Funding. The equity financing was led by Baird Capital and joined by InterWest Partners, the Wellcome Trust and Alexandria Venture Investments. Including a 2012 $50 million Series A funding round led by InterWest, the company has now raised a total of over $97 million to date.
Indi's first product, Xpresys Lung, is a molecular diagnostic blood test developed to provide physicians with an objective tool for the management of indeterminate lung nodules. The mixed equity/debt investment will be used to further commercialize Xpresys, which launched in late 2013, and develop additional proteomic blood tests using Indi's technology platform. As part of the financing, Michael Liang, partner with Baird Capital's venture capital group, joins Indi's Board of Directors.