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24 February 20215 minute read

DLA Piper advises Truvian Sciences in oversubscribed US$105 million Series C financing

DLA Piper represented Truvian Sciences in its recent oversubscribed US$105 million Series C financing. The round was led by TYH Ventures, Glen Tullman of 7wireVentures and Wittington Ventures and was joined by General Catalyst, GreatPoint Ventures, DNS Capital and Wasson Enterprise.

A healthcare company at the intersection of diagnostics and consumer technology, Truvian has developed an automated benchtop system that aims to produce lab-accurate results for a full suite of health tests using a small sample of blood. Powered by patented technologies and intelligent integration, Truvian’s system delivers a convenient and affordable alternative to off-site labs, providing immediate insights to inform healthcare decisions.

The funds will advance development of Truvian’s automated benchtop blood testing system, paving the way to submit the device for US Food and Drug Administration (FDA) clearance and enabling the company to scale its team in preparation for broad commercialization.

“We are thrilled for the Truvian team and investors, and congratulate them on this significant milestone funding round, which will enable the company to accelerate its efforts to make regular blood testing more accessible to the population and provide consumers with valuable, personal and more immediate medical insights,” said Randy Socol, the DLA Piper partner who led the firm’s deal team. “This is a strong and innovative leadership team with deep healthcare experience, and Truvian is well positioned to bring its testing system to market to assist in the delivery of healthcare to patients, and we look forward to our continued partnership and helping the company achieve its goals.”

“DLA Piper has been a strong partner to Truvian over the last three years during a period of rapid growth, the development of our intellectual property portfolio and now our second successful financing round together,” said Jeff Hawkins, president and chief executive officer of Truvian. “DLA Piper’s experience and guidance was critical to successfully navigating the process with multiple lead investors in an oversubscribed round.”

In addition to Socol (San Diego), the DLA Piper team representing Truvian included associate Anthony Taranto (San Diego) and of counsel Nicholas Klein (Washington, DC).

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including healthcare, insurance, biotech, manufacturing, communications, software and semiconductors. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.

DLA Piper’s global Healthcare sector consists of a multidisciplinary legal team with niche experience in health-related business and legal issues. The team regularly works with corporations and financial institutions, private investors, private equity groups, venture capital funds, institutional investors and portfolio companies in all types of healthcare transactions.