(Reuters) – SoftBank, the second, the Vision Fund has led a new $165 million funding round in California on the basis of Karius, who markets a test that can quickly detect the difficult to diagnose the infection through a simple take of the blood of the start-up said on Monday.
FILE PHOTO: The logo of SoftBank Group, Corp, is displayed at SoftBank World in 2017 conference to be held in Tokyo, Japan, on July 20, 2017. (REUTERS photo/Issei Kato/File Photo/File Photo
Karius’ test, which is already being used in more than 100 U.S. hospitals, shows a liquid biopsy technology will be used primarily for the measurement of the progression of the cancer to the detection of more than 1000 pathogenic agents such as bacteria and fungi.
The funding round values the company at more than $700 million, according to a report made by the company in the state of Delaware, a copy of which was seen by Reuters. Karius said that the failure to provide the valuation details at this stage.
Dr. Bill Muller on the Lurie Children’s Hospital of Chicago, is said to have been a hospital, typically, the use of the test in patients who are at highest risk of infection, which are difficult to diagnose using conventional methods. He estimates that the hospital typically averages five to 10 orders, and the test is in a month.
The company said that the cost of the test was $2,000 for the hospital.
The deal is relatively small by the standards of Softbank (9984.(T), and the huge investment in arms, but it adds to a growing list of health-care investments, which include drugmaker Roivant the arts and Sciences and For Biotechnology, Inc. FOR the.(O) a disease focused drug developer, which made its public debut last year.
“Softbank’s healthcare team is highly experienced, and we have a lot to be learned through the due diligence process by asking,” Karius and Chief Executive Officer, Mickey, Kertész, told Reuters.
“I expect them to Softbank’s healthcare team is a good idea to add a lot of value out of the funding that we have secured.”
The funding comes at a time of the investor’s assessment of Softbank’s investments.
The Japanese technology giant earlier this month reported a second straight quarterly loss in the first Vision, the Fund, and as Chief Executive Officer, Masayoshi Son, has said that he has been forced to scale back from its second fund.
The Series B financing, which also included the participation of General Catalyst, HBM, and existing investors Khosla Ventures and LightSpeed Venture ners, Karius is hoping to expand the commercial field of the test case.
With the funding, the company will also focus on the continued clinical testing, is to build on previous studies of the Karius test, Kertész has said.
Report by Manas Mishra and Munsif Vengattil in Bengaluru; Editing by Anil D’silva