April 23, 2020
WEST LAFAYETTE, Ind. – A West Lafayette-based diagnostic startup company focused on detecting and pre-empting the risks of debilitating diseases has exceeded its seed round goal, with nearly $1 million raised. Participating Indiana investors include Elevate Ventures, Gravity Ventures, IU Philanthropic Venture Fund, and Purdue Ventures. Investors from outside of Indiana including Houston Angel Network, St. Louis Arch Angels, Golden Seeds, and Racine Medical Angels also participated.
“Amplified Sciences has the technology and team in place to save millions of lives and revolutionize the global early detection healthcare market,” said Jacob Schpok, executive director of university initiatives and entrepreneur-in-residence at Elevate Ventures. “Elevate Ventures is excited to be part of this venture as it works towards a commercialization launch.”
Amplified Sciences was founded in 2016 when co-founder Jo Davisson, Ph.D., a professor at Purdue’s College of Pharmacy, invented the technology in his lab. Davisson met Diana Caldwell, a life science entrepreneur, now president and CEO of Amplified Sciences, in 2018. They began working together and recognized that the patent-protected technology platform enabled the amplification of hard-to-find biomarkers.
Based in Purdue Research Park, Amplified Sciences’ technology is at the prototype stage and has generated strong published data. Its lead diagnostic test is for pancreatic cancer; other serious diseases are also priorities.
Caldwell said the current seed round will enable commercial launch in early 2022.
“The funds raised in this round will fuel our technical and clinical validation efforts to deliver a commercial ready diagnostic test that doctors can begin using with their patients,” said Caldwell. “The COVID-19 outbreak has certainly brought to the forefront the critical role that diagnostic companies play in disease management. During this trying time, the demand for highly accurate, fast and accessible diagnostics is larger than ever.”
Amplified Sciences received Elevate Purdue Foundry Black and Gold Awards in 2016 and 2017. In 2019, it graduated from Elevate Origins, a pre-accelerator for Indiana startups.