Business Wire

Rhinostics Announces First Close of its Series A-2 Financing Round, Led by Shadow Capital

Share

Rhinostics Inc., pioneers in bringing efficiencies to sample collection through modernized technologies, announced the first closing of its Series A-2 financing round, led by Shadow Capital, a new life science technology-focused venture firm making investments in fast growth diagnostics platforms that target improvements to home collection and improving laboratory workflows. Shadow Capital joins existing Series A and A-1 investors Covid Apollo and Avestria Ventures.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220601005033/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

The RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe. (Photo: Business Wire)

Rhinostics is at the forefront of revolutionizing sample collection. As a spin-out company from Harvard University and Wyss Institute, Rhinostics is taking a radical new approach to sample collection device design and function. Its RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe.

“Sample collection is such an integral step in healthcare; we’re excited to see Rhinostics’ growing list of technology innovations reach the market where they will have wide-ranging utility and benefit, especially in the telehealth and home collection markets,” noted Evan Sullivan, Managing Director at Shadow Capital. “We are eager to join with and support the Rhinostics leadership team in their sample collection workflow revolution.”

“Our first year was amazing, with a small team that executed on delivering nearly $9M in revenue, and this year is full steam ahead in our sample collection workflow revolution,” commented Cheri Walker, PhD, President and CEO of Rhinostics. “As we grow and expand our business, we are excited to have Shadow Capital join us to support our vision for impacting diagnostic workflows and empowering easier and better home collection and diagnostic testing. We expect the growing momentum behind telehealth and home collection to continue driving the need for easier collection technologies that provide more robust results and faster turnaround times.”

Proceeds from Shadow Capital and others in the funding round will be used to further grow its commercial and support teams, expand manufacturing lines, and support working capital. The funds will also boost development of new products such as longer swab formats and to facilitate blood collection. Rhinostics expects to continue to expand its team and to broaden market penetration as part of an aggressive go-to-market strategy as its technologies are more broadly utilized from its position in COVID-19 testing to genomic, STD testing, and beyond.

About Shadow Capital

Founded in 2022, Shadow Capital is a new venture capital investor that focuses on enabling US-based life science and healthcare technologies that impact patient health and wellbeing. By funding and partnering with like-minded ambitious entrepreneurs in early-stage startups, Shadow aims to positively impact individuals and societies while also generating exceptional investor returns. The firm powers investment and support activities for its portfolio companies from their offices in Boston, Austin and Philadelphia.

About Rhinostics

Rhinostics is at the forefront of revolutionizing sample collection, a spin-out company from Harvard University and Wyss Institute, that is taking a radical new approach to sample collection device design and function. We recognize that many automated microplate-based workflows are encumbered by manual steps at the workflow’s beginning, and aim to develop and commercialize elegant, automated collection devices to break through these bottlenecks. Using our advanced collection device technologies such as the RHINOstic® Automated Nasal Swab, test kit manufacturers can empower comfortable yet high-end patient experiences with abundant and clean sample yields for tests from lateral flow to microfluidics; all while boosting profits and differentiating their brand. Test processing laboratories conducting sensitive assays from traditional PCR to LAMP or antigen testing and more gain 10x sample throughput compared to manual workflows for cost-effective and robust assay performance even when working with difficult samples; with labor reductions of 80+%, even during times of surging demand. Rhinostics aids testing workflows during the COVID-19 pandemic and beyond – in areas like respiratory disease, genomics, STDs, forensic and much more. Rhinostics products are registered as Class I exempt medical devices with the U.S. FDA and may be used for clinical collection upon CLIA validation. In 2022, Rhinostics received a Bronze Edison Award in the COVID-19 Innovations, Testing Solutions category for the RHINOstic® Automated Nasal Swab. To learn more, visit https://www.rhinostics.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contact:
Chere Griffin, Rhinostics, Inc.
978-793-7865
chere_griffin@rhinostics.com

Investor Contact:
Cheri Walker, Rhinostics, Inc.
info@rhinostics.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Landmark Study Reveals New Technology from DeBogy Molecular Significantly Reduces the Bacteria and Deadly Infection that Can Occur Following a Surgical Implant27.6.2022 15:15:00 CEST | Press release

DeBogy Molecular, Inc, a biotech startup that specializes in antimicrobial surface modification, today announced the findings of a landmark in vivo research study that affirms the effectiveness and safety of their new technology to kill the dangerous bacteria that proliferates on the surface of a medical implant following surgery. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220626005067/en/ Wayne Gattinella CEO, DeBogy Molecular, Inc (Photo: Business Wire) Infection resulting from bacterial biofilm that forms on the surface of a medical implant represents one of the most serious complications that can follow orthopedic surgery or the implantation of a medical device. Implant related infections account for over half of the 2 million yearly healthcare-associated infections in the U.S., at a cost of over $27 billion dollars annually. A preclinical research study was conducted by Vivexia, an independent Clinical Research Orga

NielsenIQ Accelerates Expansion of Global Retail Strategy with Addition of Retail Lab Leader, Dawn E. Norvell27.6.2022 15:00:00 CEST | Press release

NielsenIQ has strengthened its leading global retail practice with the addition of Dawn E. Norvell as Global Head of the newly formed NielsenIQ Retail Lab. In her new role, Norvell will lead a progressive team created to better identify retail client needs, design solutions, and enable retailers to use NielsenIQ's full suite of products to help drive their business. Norvell will build a sales and commercial management strategy designed to expand NielsenIQ's retail analytics focus and enable growth within the business unit. “The NielsenIQ Retail Lab is an important part of our global retail strategy & company success, and Dawn’s industry-leading knowledge and background in the global marketplace gives a rare viewpoint of the current retail climate,” said David Johnson, Global President of Retail at NielsenIQ. “Her extensive first-hand experience will enhance our broad range of go-to-market client offerings and add significant depth to our retail team. We are thrilled that NielsenIQ cont

Work for Humankind: World of Possibilities Opens Up for Remote Island with Lenovo Technology27.6.2022 15:00:00 CEST | Press release

As part of its landmark partnership with Island Conservation and the Robinson Crusoe Island community, Lenovo reveals the next stage of its Work for Humankind project: critical pieces of smarter technology installed throughout the island will become permanent fixtures to leave a lasting legacy and stronger connectivity on an island that’s home to one of the world’s most diverse ecosystems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005008/en/ Work for Humankind volunteers working remotely from Lenovo’s technology workspace on Robinson Crusoe Island, Chile (Photo: Business Wire) Bridging the digital divide, a previously isolated island of 900 people will now remain connected to the world through Lenovo technology to open new possibilities for tourism, trade, employment, and education, increasing its environmental and economic resilience. For the first time ever, this remote island community has self-determined, equi

The Minister of Trade and Industry Launches the Norwegian Government's Battery Strategy at FREYR Battery in Mo i Rana27.6.2022 13:39:00 CEST | Press release

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, welcomes the Minister of Trade and Industry to launch the Norwegian Government's National Battery Strategy at FREYR Battery's giga giga factory location in Mo i Rana, Northern Norway. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005371/en/ "Sentraltomta" inside Mo industrial Park (Photo: Business Wire) This was announced at the Norwegian government’s webpages Monday morning 27th June Norwegian time: https://www.regjeringen.no/no/aktuelt/naringsministeren-lanserer-regjeringens-batteristrategi/id2920877/ FREYR Battery CEO, Tom Einar Jensen, says: “We are very proud that the Norwegian Government has chosen FREYR Battery’s giga factory location in Mo i Rana, as the historic place to launch Norway's National Battery Strategy. We warmly welcome the Minister of Trade and Industry, and experience this as a strong con

Time Manufacturing Company Acquires France Elévateur27.6.2022 12:00:00 CEST | Press release

H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $49 billion of equity capital under management, is pleased to announce that its portfolio company, Time Manufacturing Holdings, LLC (“Time Manufacturing” or the “Company”), a leading, global provider of vehicle-mounted aerial lifts, has acquired France Elévateur (“FE Group”). The pairing of the two companies, who share a mutual dedication to quality and safety, strengthens the combined platform’s global manufacturing capabilities while enhancing value to customers through a broader portfolio of complementary products and services. Founded in 1984 and headquartered in Flavigny, France, France Elévateur is a leading manufacturer of vehicle-mounted aerial platforms for customers in various trades including public lighting, electric utility, roofing, telecommunications, rail networks, and other fields requiring access solutions. Through its two manufacturing sites in France and Spain and its footprint of 15 s

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom