The company also picked up $17m in non-dilutive debt financing provided by Life Sciences Alternative Funding.
Existing backers InterWest Partners and the Wellcome Trust also took part in the round, which will be used to further commercialise its molecular blood test Xpresys Lung.
Indi also announced that Alexandria Venture Investments, the strategic venture arm of Alexandria Real Estate Equities, had joined the Series B as an investor.
Baird Capital venture group partner Michael Liang will join Indi’s board of directors.
He said, “We are very pleased to help Indi take their early commercial success with Xpresys Lung to the next level.
“Indi has taken their innovative proteomic technology and applied it to a massive unmet need; the high costs associated with over-diagnosing lung nodules.
“Their strategy is a perfect fit for Baird Capital’s focus on investing in companies who produce innovative technologies that address expanding market needs.”
LSAF president Steve DeNeisky said, “We believe Xpresys Lung will play a significant role in helping physicians more effectively manage lung nodules – and Indi’s technology for blood-based diagnostics has the potential to become an important tool in multiple areas of health care.
“Our aim is to provide non-dilutive capital to outstanding commercial-stage life sciences companies in medical devices and diagnostics.
“We are delighted to play a role in Indi’s success.”
Copyright © 2014 AltAssets