binx health, an online platform for booking STD and SIT tests, announced the closing of a Series E financing of $104 million.
OrbiMed led the financing round and included other new investors Arrowmark Partners, Hildred Capital Management, Alta Life Sciences, Parian Global, and existing investors, LSP and Johnson and Johnson Development Corporation.
In connection with the financing, Andrew Goldman, Co-founder, and Managing Partner of Hildred Capital Management, will join the company’s Board of Directors.
Jeff Luber, Chief Executive Officer of binx health, said: “The proceeds from this financing will help us reach even more people with the care they need where they live, work, and shop, while we ramp manufacturing and scaling of our proprietary binx io testing instrument and cartridges, expand our sales efforts in the U.S. and abroad, and further build out our proprietary software platform and data infrastructure.”
binx health aims to make routine healthcare testing convenient by enabling access to care where people live. The company works with large corporate partners and institutions that have access to large patient populations.
According to the company, the latest financing proceeds support the expansion of manufacturing for its FDA-cleared binx io rapid molecular diagnostic test, menu expansion, and the company’s data and software architecture for its at-home and in-clinic businesses.
For laboratories, binx health offers point-of-care solutions that can detect chlamydia and gonorrhea, providing central lab performance results in about thirty minutes. And the company’s suite of physician-mediated and medically guideline-driven, at-home sample collection offerings bring quality testing, population health tools, and seamless digital integration capability to those unable or unwilling to visit a clinic location.
“We are witnessing a transition in healthcare from centralized to decentralized models, supported by proprietary solutions at point-of-care and at-home that have the potential to broaden access to care for millions. We are gratified that our new investor syndicate shares our vision around consumer convenience, healthcare equity, and ‘everywhere’ access to high-quality testing,” said Jeff Luber.
Digital health companies raised $7.2 billion in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report.