Austin, Texas - Babson Diagnostics, Inc., a healthcare technology company focused on moving laboratory testing to the pharmacy counter, secured $3.5 million in Series A financing on October 4 from Prism Ventures, a New York-based advisory and investment firm specializing in life sciences.
Babson Diagnostics is developing a solution that enables retail stores to collect capillary blood at the pharmacy counter for a broad range of routine blood tests. The solution will enable consumers to get laboratory-grade bloodwork done at their trusted local pharmacy—with a short wait time, a fraction of the blood volume, and no hypodermic needle. The solution will enable retailers to expand their healthcare portfolio to include routine blood testing using their existing pharmacy staff and operations. Babson’s approach will accelerate the shift of healthcare services toward retail settings, helping to improve the consumer experience, increase access to preventive medicine, and make healthcare more affordable.
Prism Ventures has been involved in the formation, financing, and management of eight medical technology companies, including SIGA Technologies, Assertio Therapeutics, and Lev Pharmaceuticals. Prism Ventures executives Judson Cooper and Joshua Schein will join Babson Diagnostics’ Board of Directors.
Babson Diagnostics will use a portion of the financing to implement its high-throughput microsample laboratory in Austin, Texas. The laboratory will initially serve retail locations in the company’s home markets of Austin, San Antonio, Dallas, and Houston. Babson is currently hiring team members in Austin in business development, administrative, and clinical laboratory fields, including medical technologists, lab managers, and lab technicians. For more information about career opportunities, email jobs@babsondx.com.
Babson Diagnostics relocated from New York to Austin in 2017 after completing a nationwide city search. Babson selected Austin as its headquarters location based on its booming economy, vibrant entrepreneurial ecosystem, and commitment to healthcare innovation via the UT Dell Medical School and Innovation Zone. “Babson Diagnostics’ expansion further reinforces Austin’s growth as a tech, health, and diagnostics hub,” said Charisse Bodisch, SVP Economic Development, Opportunity Austin / Greater Austin Chamber of Commerce. “Opportunity Austin is proud to welcome the development of Babson Diagnostics’ new laboratory and their investment in our region along with the creation of new jobs in the life sciences.”