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Interwest leads $10m series A investment in Integrated Diagnostics

22 Feb 2012

Interwest Partners has led investors in a $10m tranche of series A financing for medical technology company Integrated Diagnostics (ID).

The Silicon Valley-based venture capital company is currently investing its $650m Interwest X fund focused on  technology and life sciences.

ID said it plans to use the funds to complete clinical development on its lab-based protein diagnostic programmes and prepare them for the commercial market.

The company raised a $30m series A round of financing in September 2009, and the current tranche marks the completion of the funding round.

Interwest was joined in the investment by The Wellcome Trust and the Grand Duchy of Luxembourg.

ID chief executive Al Luderer said, “It’s rare that a start-up can hit all of its objectives – even rarer when the bar has been set so high.

“Our success speaks to the vision of our founders, the support of our investors, the hard work our employees, and finally, the support of our expanded network of collaborators that continue to assist us in realizing of our vision.”

Earlier this month Interwest was part of a group which invested $23m in unified storage and computer appliance company Pivot3.

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