VIDA Diagnostics of Coralville has completed $5.1 million of new investment funding, which will help commercialize the company’s lung imaging software and associated precision services.
The funding was led by Chartline Capital Partners of Wilmington, Del., Rittenhouse Ventures of Philadelphia and Next Level Ventures, Rural Vitality Fund II and the Iowa Seed Fund, all based in Iowa.
Phil Stern of Chartline Capital Partners said in a news release that VIDA Diagnostics’s strategic focus and economic model was a tight fit with his company’s investment criteria.
“VIDA’s clinical market understanding and dominant position in the emerging pulmonary analytics space provide it a unique opportunity to raise the standard of care for patients and populations with or at risk of pulmonary disease,” Stern said.
For suspected lung cancer patients, VIDA Diagnostics provides pulmonologists with airway mapping software to guide an optimal path for a bronchoscopic biopsy. For severe emphysema patients, the company provides an array of advanced, clinically validated measures to match the right patient to the right treatment.
Susan Wood, president and CEO of VIDA Diagnostics, said the investment will be used to expand the company’s commercialization efforts, hire additional employees, and enhance its clinical software and services.
“Precision health care requires precision information,” Wood said. “Health care is moving to value quality of care over quantity of care.
“At VIDA, we are driven to improve treatment selection and therapy outcomes for pulmonary patients by equipping care teams with rich, evidence-based information they often lack. This round of investment will help VIDA bring that information to the market, with the goal of improving quality of care.”
In 2014, VIDA Diagnostics received $2 million in funding from Next Level Ventures and a $500,000 loan the Iowa Innovation Acceleration Fund. In January 2016, the company was selected to provide clinical imaging software and analysis services to the University of Iowa Hospitals and Clinics.