Innovative Biosensors, Inc. Raises $3.5 Million In Series A Financing
COLLEGE PARK, Md.--(BUSINESS WIRE)--May 26, 2005--Innovative Biosensors, Inc. (IBI), a company developing rapid, ultra-sensitive tests to detect harmful pathogens, today announced that it has raised $3.5 Million in Series A financing led by Harbert Venture Partners, LLC. Other investors include New Markets Growth Fund and the Maryland Venture Fund. Founded in mid 2003, IBI licensed the CANARY(TM) technology from MIT in August 2003. The technology enables the detection of pathogens with an unprecedented combination of speed and sensitivity. The company recently launched its E. coli O157:H7 Detection Kit for food processors and plans to introduce more tests in the food testing and human clinical diagnostics markets. IBI's technology is expected to transform testing for infectious diseases by offering speed without sacrificing sensitivity.