Cytovale Inc., a medical technology company dedicated to revolutionizing diagnostics using cell mechanics and machine learning, announced $15 million in financing to advance its technology enabling early detection of sepsis in the emergency department. The company has raised $7.4 million in an extension of Series B equity financing, co-led by existing investors Breakout Ventures and Blackhorn Ventures. Funds will be used to advance Cytovale’s technology through Good Manufacturing Practice and conduct clinical studies needed to pursue regulatory clearance of the Cytovale test. “Sepsis is a life-threatening condition triggered by an infection that can suddenly overwhelm the body and lead to septic shock and death,” said Ajay Shah, Indian American co-founder and CEO of Cytovale. “It has traditionally been difficult to quickly and accurately diagnose sepsis, making it the leading cause of death in U.S. hospitals, with 270,000 lives lost to the condition each year. We are excited to extend our partnership with BARDA and this esteemed group of investors to help us advance our technology for early detection of sepsis, which we believe will save and improve the lives of thousands of people.” Cytovale’s rapid diagnostic is designed to measure immune cell activity associated with the dysregulated host response in sepsis in less than 10 minutes, with the goal of enabling timely and accurate triage in the emergency department. With current approaches, sepsis remains challenging to diagnose early in a patient’s journey, often consuming valuable emergency department resources and delaying care to those who need it most.
MontyCloud Secures $2.85 Million
MontyCloud Inc. announced the availability of their Intelligent Multi-Cloud Management platform. MontyCloud’s new offering is an AI-driven SaaS platform that simplifies management and governance of modern cloud infrastructure, applications and services. MontyCloud deeply integrates with the native capabilities of the most popular cloud platforms, providing policy-driven, application-centric and consistent management across all of a customer’s cloud environments. MontyCloud supports Amazon Web Services and will soon add support for Microsoft Azure and other cloud platforms. MontyCloud is now available as a public preview on the AWS Marketplace. “As adoption of cloud services grows, customers are faced with growing complexity in managing their applications across cloud platforms, regions, and accounts,” commented Venkat Krishnamachari, co-founder and CEO. “MontyCloud helps customers efficiently manage their cloud-based applications providing policy-based management and governance consistently across all of their cloud environments.” MontyCloud’s platform is extensible and integrates with popular frameworks and solutions allowing customers to gain the benefits of the MontyCloud platform while leveraging existing content and skills. MontyCloud is built on a modern event-driven architecture enabling the application of AI & machine learning to improve automation and to provide actionable insights.
CasaOne Raises $16 Million Series B Financing
CasaOne, the San Francisco-headquartered furniture rental company, announced it has completed a $16 million Series B round of financing, led by Accel. This round of financing will help CasaOne expand to new geographies, further invest in hiring technology and engineering talent and expand into adjacent product categories. CasaOne launched its category-defining furniture rental solution in 2017 that eliminated big points of friction that comes with sourcing, designing, set-up and maintenance of furniture, furnishings and equipment be it at a residence or an office. With increased demand from businesses, BureauOne was launched in May 2019 to cater to fast-growing companies, mid-market firms, and enterprises to convert their Furniture, Fixtures and Equipment into a utility. “At CasaOne and BureauOne, we are building technology for real-time inventory, supply chain, and large format logistics for the old school furniture and logistics industries. This helps us deliver best-in-class SLAs to our customer. Our goal will always be to place our customers front and center by offering a wider selection of furniture, higher flexibility, and better pricing coupled with a turnkey solution.” said Shashank P.O., the founder and CEO of CasaOne. “The backing and expertise of our financial and strategic investors will help us execute our vision even more rapidly and broadly – in a category that previously hasn’t seen much innovation. With the new raise, we plan to further double down on engineering and market expansion. We plan to launch in London as our first international market in Q1 of 2020.”
Genesis Therapeutics Raises $4.1M Led by Andreessen Horowitz
Genesis Therapeutics, a biotech company harnessing breakthrough AI-technology to optimize drug discovery and development, today announced that it has raised $4.1 million in seed funding led by Andreessen Horowitz. Genesis Therapeutics is expanding its cutting-edge AI-enabled drug discovery team with the active recruitment of software engineers, AI engineers and scientists as it focuses on specific drug programs addressing the treatment of patients suffering with severe disorders. Genesis Therapeutics originated out of the acclaimed Stanford University lab of Vijay Pande, Ph.D., where Dr. Feinberg invented PotentialNet, the initial component of the company’s expanding portfolio of proprietary AI technologies. “Genesis Therapeutics is continuously advancing its AI platform by leveraging biophysical simulation and the inclusion and development of additional proprietary deep learning technologies. The initial team has also expanded to include a team of proven drug developers,” explained Dr. Vijay Pande, general partner at Andreessen Horowitz. “We chose Genesis as our bet in this nascent space because of our firm’s conviction in the team’s rigorous science, continued innovation, and incredible track record of its leadership and founding board. Between their internal programs and being poised as a unique partner for biopharma companies looking to optimize the outcomes of their pipeline, we are excited to see the impact Genesis will have in patient care over the coming decades."
By GIOVANNI ALBANESE Jr., India-West Staff Reporter