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VIDA Diagnostics raises $11 million Series C round

March 12, 2020

Coralville-based VIDA Diagnostics announced today that it has raised an $11 million Series C financing round. The investment was led by First Analysis Corporation with initial equity participation from Blue Heron Capital and UnityPoint Health Ventures.

Existing investors including Next Level Ventures, Chatline Capital Partners, Rural Vitality Fund, Rittenhouse Ventures, Iowa First Capital Fund, and The Angels’ Forum also participated in the round.

VIDA has developed, LungPrint, an AI-powered suite of products and services used to uniquely profile and manage the patient with, or at-risk of, lung diseases.

“We are driven to continuously raise the standard of care for patients with or at risk of lung disease. By equipping care teams with LungPrint, patient care and quality of life can be positively affected,” said Susan A. Wood, CEO of VIDA, in an announcement. “VIDA is endlessly thankful for the extensive support of the people, resources, and programs from the State of Iowa leading to this expansive funding. VIDA can now accelerate LungPrint’s market access, further connecting its benefits to the many millions of patients with lung disease.”

VIDA will use the funds to address market deficits in the early assessment, monitoring, and treatment of lung disease by accelerating the commercialization of its leading LungPrint solution suite and by expanding LungPrint’s clinical portfolio.

“VIDA is in an optimal position to serve a severely under-nourished area of the market where demand is high and supply is low,” said Tracy Marshbanks, Managing Director and General Partner at First Analysis. “This investment will enable VIDA to meet the growing call for precise AI-driven lung analysis solutions that can help improve the quality of diagnosis and life for patients impacted by lung disease.”

Previous coverage

Vida Diagnostics receives $1 million investment from UnityPoint Health Ventures -July 25, 2019

Tags: Vida Diagnostics

VIDA Diagnostics raises $11 million Series C round | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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