Funding moves company closer to bringing affordable, accurate lab tests into consumer homes
LONG BEACH, Calif.–(BUSINESS WIRE)–Sunstone Management, a diversified capital management and investment firm based in Long Beach, Calif., has announced its investment in Lucira Health, formerly Diassess, a next generation infectious disease testing company. Lucira Health has closed on its $15 million Series B equity financing, which will be utilized for early commercialization and regulatory clearances. Sunstone was joined by a number of notable investors in this funding effort, including Seraph Group.
Lucira Health is developing a revolutionary rapid and disposable test kit that can quickly and easily detect the DNA and RNA of infectious diseases, starting with one affecting millions of Americans each year: the flu. Additional applications for other infectious diseases include respiratory illnesses and sexually transmitted infections.
Lucira Health’s device allows users to run diagnostic tests and receive rapid results outside of a lab environment. Users insert a nasal swab into the battery-powered diagnostic tool and receive results within 20 minutes, promising faster and less expensive testing. Lucira Health plans to first launch the tool for in-clinic use, followed by an over-the-counter version that will bring diagnostic testing directly to consumers’ homes with a paired smartphone app to directly connect to treatment options.
“Sunstone is thrilled to be a part of this Series B raise,” said John Shen, founding partner of Sunstone Management. “Lucira Health is on the cutting edge of medical technology and promises to revolutionize diagnostic testing, and the health care industry as a whole, by vastly reducing the need for patients to visit a costly lab or hospital environment.”
The successful $15 million Series B raise augments impressive early fundraising from investors like Seraph Group, along with substantial grants and sizeable contracts from U.S. government agencies.
Erik Engelson, Lucira Health’s president and CEO, commented: “We look forward to participating in the healthcare transformation that will be enabled by this exciting technology as it makes its way into the clinic and ultimately into people’s homes. The support of our existing and new investors is enabling the development and commercialization of valuable new products that will contribute to improved healthcare.”
About Sunstone Management
Sunstone Management, with its subsidiary Sunstone Venture Capital Fund, is a diversified private capital management and investment firm offering comprehensive wealth management solutions to high net worth clients worldwide, in particular U.S. new-immigrant families. Focusing on investments in U.S. based small businesses and lower middle markets, its offerings are carefully structured to meet targeted investor goals ranging from short term senior debt products to longer term, equity, growth capital, and venture capital investment strategies.