Aperiomics Raises $512k in Seed Funding
Wednesday, October 18, 2017
Aperiomics, a biotechnology company that saves lives by harnessing the power of deep next-generation sequencing to identify all known pathogens (bacteria, virus, fungi or parasite) in a single test, has closed a seed round of funding, raising $512,000, led by Pipeline Angels, a national network of new and seasoned women angel investors.
Stacy Manvitz, Pipeline Angels member and Aperiomics board member said “Aperiomics is an excellent example of the type of company Pipeline Angels seeks to support. Run, in part, by a woman with a mission to grow and expand a business that has a tremendous opportunity for meaningful impact on the quality of life of the people it touches, as well as the ability to push forward innovation and positive change in the medical testing industry.”
Chemical Angel Network was also a key investor in this round. The organization provides a mechanism for accredited angel investors to source and vet quality early-stage investment opportunities. They also assist entrepreneurs and early-stage growth companies as a source for quality information.
Executive director and co-founder Mark Vreeke said “Chemical Angel Network is excited to participate in this round. It is rare that you see such an early stage life science company capable of producing significant revenue.”
“Aperiomics is growing quickly and we are working hard to help healthcare providers get information never possible before our technology,” said company CEO and co-founder Dr. Crystal Icenhour. “We are excited about this new funding. It is a strong vote of confidence in our team and our mission.”
This has been a big year for Aperiomics. Focused on integrative health providers and private practice physicians, the company has grown its customer base more than ten-fold during 2017. With each customer (or doctor) representing multiple patients, the company has seen a dramatic increase in the number of patients it serves. Revenue over the first six months alone was higher than the entirety of the company’s revenue since it began operations in 2014. The company also expanded its staff, including a director of sales and marketing, to scale growth.
Recognizing the innovation of its work early on, the National Science Foundation (NSF) has been a strong supporter with $1.6 million in grants to the company to date. An additional NSF research grant is expected and will in part seek fund efforts to improve the cost efficiency of the DNA sequencing process. This combined funding puts Aperiomics on solid footing to actively pursue grow strategies to scale its business and fulfill its mission to help find answers for more people with unknown or misdiagnosed illnesses