NEW YORK – Point-of-care diagnostics company Chronus Health announced on Wednesday that it has raised $22 million in a Series A financing round.
The round was led by Tarsadia Investments, with participation from Monta Vista Capital, SOSV, Savantus Ventures, and an undisclosed strategic investor.
The company said in a statement that it plans to use the funding to scale its research, engineering, and data science teams, along with accelerating its product and technology development. Chronus is working on a rapid, portable blood analyzer that uses microfluidics and semiconductors to return results in minutes at the point of care, it said.
“Our revolutionary platform is poised to disrupt the clinical lab testing market, which primarily relies on expensive and bulky blood analyzers in central labs,” Anand Parikh, CEO and cofounder of Chronus Health, said in a statement. “Our low-cost and compact system, which leverages microfluidic and semiconductor technologies, enables real-time diagnostics in multiple clinical settings and is designed to improve time to care and outcomes for patients globally.”