A Loudoun County biotech startup is taking long strides toward detecting under-diagnosed infections.
Sterling-based Aperiomics has closed its Series A funding round of $1.8 million, led by South Carolina-based VentureSouth.
Texas-based Pipeline Angels, California's Propel(x) and individual investors also contributed to the deal, which nearly doubles the firm's funding to date. Aperiomics previously had raised $1.8 million from government grants and $512,000 in seed financing.
The company is using the fresh capital to add to its team of 11, CEO Crystal Icenhour said in a statement, including a software engineer and operations staffer by yearend. It's also earmarked for increasing Aperiomics’ clinical capabilities and building out the company’s CLIA-certified lab and office.
The startup's testing kits use genomic sequencing and machine learning to identify pathogens that generally are difficult to diagnose. Doctors send a sample to Aperiomics, which extracts genetic information, identifies the bacteria or virus within the sample and sends back a report.
The firm works with primary care doctors and specialists, receiving some coverage from private payers and planning to add private insurance and Medicare coverage, according to the WBJ. It claims to have helped more than 1,300 patients identify conditions that are historically difficult to diagnose.
In February, Icenhour told the Washington Post that the downfall of Theranos affected her ability to raise money – but not much outside capital will be necessary going forward. Aperiomics took in $1.3 million in 2018 revenue and is on track to double that this year, according to the company, aiming to reach $25 million within three years.
Weeks ago, it brought on geneticist Alexander Valencia as chief clinical officer and launched an eight-person contracted sales team.
That followed the company’s move this summer from Ashburn, Va., to a new headquarters in Sterling, where lab construction is expected to be completed by Sept. 1, the WBJ reports. In June, Loudoun County gave Aperiomics a $75,000 incentive grant to support the lab's development.
