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VIDA Closes Round C of Funding with an additional $2 million investment

April 16, 2020

Coralville-based VIDA Diagnostics has received a $2 million investment from OSF Ventures, the corporate investment arm of OSF HealthCare, as a second close of its C round funding.

This investment comes after an $11 million investment round last month led by First Analysis Corporation and will further fuel development and commercialization of VIDA’s innovative solutions to impact patient care for both traditional respiratory diseases as well as emergent COVID-19 conditions.

“OSF is an ideal strategic partner for VIDA. Through both capital and access to clinic leaders, OSF is a catalyst in expanding the footprint of our FDA-approved, AI-powered imaging solutions in this growing market,” said Susan A. Wood, CEO of VIDA. “Providing access to analysis like LungPrint has never been more important, given the global COVID-19 pandemic on top of an already growing trend of chronic respiratory and lung diseases.”

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 invest in leading-edge solutions that make an immediate impact for OSF Healthcare’s care teams and patients,” said Garrett Vygantas, Managing Director at OSF Ventures. “VIDA’s LungPrint solution helps radiologists and pulmonologists gain valuable insight into each patient’s unique condition, which determines the appropriate treatment plan. We see real value for this new technology to help treat patients with COPD, lung cancer and other pulmonary diseases -and we anticipate LungPrint will help us in the future manage new populations experiencing COVID-19 and determine appropriate follow up and long-term care.”

Previous coverage

Vida Diagnostics raises $11 million Series C round –March 12, 2020

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VIDA Closes Round C of Funding with an additional $2 million investment | 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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