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.”