Deep tech startup Vital Bio announces US$48 million raise to date, introduces new device

With remarkable speed for a deep tech company, Vital Bio has introduced its new device VitalOne, to streamline and speed up blood diagnostics, and announces it has raised US$48 million to date.

Co-founder Farnoud Kazemzadeh, University of Waterloo professor and VP of engineering, established Vital Bio in 2019 and operated out of Velocity downtown Kitchener until last year. 

U.S.-based and Canadian venture capital funds, diagnostic firm Labcorp., and individuals are listed as investors.

Now based in Mississauga, Ont., Vital Bio’s desktop computer-sized device aims to bring 95 per cent of routine lab orders into doctor’s offices, requiring a smaller blood sample, delivering results in 20 minutes, eliminating the need for intermediary diagnostic laboratories. 

The company’s mission is to make high-quality care more accessible and disrupt the limitations of current diagnostic infrastructure. 

“We seek to disrupt the $85 billion diagnostic industry by bringing lab-grade diagnostic everywhere and eliminating the impediments to proactive and accessible care,” CEO and co-founder Vasu Nadella said in a release. 

Curious how Vital Bio accelerated its deep tech? Read more on this story next week.