Rhinostics Announces First Close of its Series A-2 Financing Round, Led by Shadow Capital
Rhinostics Inc., pioneers in bringing efficiencies to sample collection through modernized technologies, announced the first closing of its Series A-2 financing round, led by Shadow Capital, a new life science technology-focused venture firm making investments in fast growth diagnostics platforms that target improvements to home collection and improving laboratory workflows. Shadow Capital joins existing Series A and A-1 investors Covid Apollo and Avestria Ventures.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220601005033/en/
The RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe. (Photo: Business Wire)
Rhinostics is at the forefront of revolutionizing sample collection. As a spin-out company from Harvard University and Wyss Institute, Rhinostics is taking a radical new approach to sample collection device design and function. Its RHINOstic® Automated Nasal Swab improves patient collection comfort and allows dry transport for most sample types, providing better sample quality and concentration compared to legacy swab technologies. This unique device works with robotic decappers and automated liquid handlers such that accessioning, decapping, and capping steps are performed in a hands-free manner. The automated workflow boosts sample throughput, strengthens laboratory efficiency, enhances assay performance, and saves significant time and costs for sample processing laboratories across the globe.
“Sample collection is such an integral step in healthcare; we’re excited to see Rhinostics’ growing list of technology innovations reach the market where they will have wide-ranging utility and benefit, especially in the telehealth and home collection markets,” noted Evan Sullivan, Managing Director at Shadow Capital. “We are eager to join with and support the Rhinostics leadership team in their sample collection workflow revolution.”
“Our first year was amazing, with a small team that executed on delivering nearly $9M in revenue, and this year is full steam ahead in our sample collection workflow revolution,” commented Cheri Walker, PhD, President and CEO of Rhinostics. “As we grow and expand our business, we are excited to have Shadow Capital join us to support our vision for impacting diagnostic workflows and empowering easier and better home collection and diagnostic testing. We expect the growing momentum behind telehealth and home collection to continue driving the need for easier collection technologies that provide more robust results and faster turnaround times.”
Proceeds from Shadow Capital and others in the funding round will be used to further grow its commercial and support teams, expand manufacturing lines, and support working capital. The funds will also boost development of new products such as longer swab formats and to facilitate blood collection. Rhinostics expects to continue to expand its team and to broaden market penetration as part of an aggressive go-to-market strategy as its technologies are more broadly utilized from its position in COVID-19 testing to genomic, STD testing, and beyond.
About Shadow Capital
Founded in 2022, Shadow Capital is a new venture capital investor that focuses on enabling US-based life science and healthcare technologies that impact patient health and wellbeing. By funding and partnering with like-minded ambitious entrepreneurs in early-stage startups, Shadow aims to positively impact individuals and societies while also generating exceptional investor returns. The firm powers investment and support activities for its portfolio companies from their offices in Boston, Austin and Philadelphia.
About Rhinostics
Rhinostics is at the forefront of revolutionizing sample collection, a spin-out company from Harvard University and Wyss Institute, that is taking a radical new approach to sample collection device design and function. We recognize that many automated microplate-based workflows are encumbered by manual steps at the workflow’s beginning, and aim to develop and commercialize elegant, automated collection devices to break through these bottlenecks. Using our advanced collection device technologies such as the RHINOstic® Automated Nasal Swab, test kit manufacturers can empower comfortable yet high-end patient experiences with abundant and clean sample yields for tests from lateral flow to microfluidics; all while boosting profits and differentiating their brand. Test processing laboratories conducting sensitive assays from traditional PCR to LAMP or antigen testing and more gain 10x sample throughput compared to manual workflows for cost-effective and robust assay performance even when working with difficult samples; with labor reductions of 80+%, even during times of surging demand. Rhinostics aids testing workflows during the COVID-19 pandemic and beyond – in areas like respiratory disease, genomics, STDs, forensic and much more. Rhinostics products are registered as Class I exempt medical devices with the U.S. FDA and may be used for clinical collection upon CLIA validation. In 2022, Rhinostics received a Bronze Edison Award in the COVID-19 Innovations, Testing Solutions category for the RHINOstic® Automated Nasal Swab. To learn more, visit https://www.rhinostics.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005033/en/
Contact information
Media Contact:
Chere Griffin, Rhinostics, Inc.
978-793-7865
chere_griffin@rhinostics.com
Investor Contact:
Cheri Walker, Rhinostics, Inc.
info@rhinostics.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Hoffmann Green Announces a Historic Increase in Production Over the First Half of 2025, Already Outperforming the Annual Volumes Realized in 20242.7.2025 20:05:00 EEST | Press release
Hoffmann Green Cement Technologies (ISIN: FR0013451044, Ticker: ALHGR) (“Hoffmann Green Cement” or the “Company”), an industrial player committed to the decarbonation of the construction sector that designs and markets innovative clinker-free cements, today announces a strong acceleration of production over the first half of 2025, validating the relevance of its industrial and commercial business model. Production volumes reached 19,640 tonnes over the first half of 2025, compared with 7,833 tonnes in the first half of 2024, representing a 2.5-fold increase. This very strong level of activity enabled the Company to outperform its total 2024 volumes (16,269 tonnes) over the first half of 2025. This dynamic is illustrated by the supply of more than 130 construction sites across the country during the half-year, exceeding 60,000 m³ of concrete formulated with 0% clinker cement delivered by more than 10,000 truck mixers. Julien BLANCHARD and David HOFFMANN, Co-founders of Hoffmann Green Ce
Institutional Real Estate, Inc. Announces Acquisition of U.K.-based Lyndon Publishing 2 Limited2.7.2025 19:44:00 EEST | Press release
Institutional Real Estate, Inc. (“IREI”) has completed its acquisition of the assets of London-based Lyndon Publishing 2 Ltd (“Lyndon Publishing”), which include The Property ChronicleandThe Green Chronicle.The former Lyndon Publishing 2 will now operate as a division of IREI. The Property Chronicle reaches a global audience of real estate investment professionals, researchers, and academics. Its sister publication, The Green Chronicle, is edited to address the interests and concerns of emerging young talent in these real estate professions. Both publications are produced as weekly news briefings filled with original content and contributed feature articles from industry thought and opinion leaders. In addition, The Property Chronicle is also published as a quarterly, illustrated full-color magazine available in both digital and print formats, while The Green Chronicleis published exclusively in digital format. Together, the two publications reach approximately 50,000 professionals acr
Sinopec Wins Technological Innovation Award at 2 nd Sino-European Corporate ESG Best Practice Conference2.7.2025 19:21:00 EEST | Press release
China Petroleum & Chemical Corporation ("Sinopec", HKG: 0386) has won the "Best Scientific and Technological Innovation Practice" award at the 2nd Sino-European Corporate ESG Best Practice Conference (the "Conference") on June 26 in Stuttgart. Sinopec’s case submission of Breakthrough in Depth, Climb to New Heights — Empowering the Energy and Chemical Industry with Technological Innovation stood out among numerous entries. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702387465/en/ Wang Tao, Sinopec representative, delivered a speech at the conference. The Conference reviews and awards the best ESG application cases in six areas of environmental protection, social responsibility, corporate management, scientific and technological innovation, education, and training to further enhance mutual understanding between Chinese and European businesses, facilitate bilateral economic and trade exchanges, and showcase China’s open,
Xsolla Releases Their Q2 2025 The State of Play Report: Mobile Gaming Is Projected to Hit $126B in 2025 Amid Global App Boom With In-Depth Analysis of Trends, Genres, and Monetization Strategies2.7.2025 19:00:00 EEST | Press release
Xsolla, a leading global video game commerce company, proudly announces the release of the Q2 2025 Edition of “The Xsolla Report: The State of Play.” This detailed report provides crucial insights, trends, and opportunities shaping the gaming landscape, empowering industry professionals to adapt and thrive in today’s rapidly changing market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702208715/en/ Graphic: Xsolla In 2024, global mobile app usage soared to an astonishing 4.2 trillion hours, an all-time high that powered a massive $150 billion consumer spending across mobile platforms. Mobile gaming is leading this charge, which accounted for more than half of that total. Despite a 6% dip in overall game downloads, falling to 49.6 billion, in-app purchase (IAP) revenue surged, indicating deeper user engagement and a more valuable player base. And the momentum is far from over: mobile gaming revenue is projected to grow
LambdaTest Announces Deeper Collaboration with Appium as Strategic Partnership2.7.2025 18:00:00 EEST | Press release
LambdaTest, a unified agentic AI and cloud engineering platform, has announced it has become a strategic sponsor of Appium, the world’s most widely used open-source framework for mobile automation. This collaboration aims to significantly simplify and accelerate mobile test automation by integrating Appium’s capabilities into LambdaTest’s cloud-based distributed testing platform. LambdaTest has an active open-source program that provides access to LambdaTest’s testing infrastructure to community projects, so maintainers can run comprehensive test suites without worrying about servers or setup. The organization had also launched LambdaTest Grants for Open Source to support innovation in software testing frameworks and toolsets. As part of the Grants, LambdaTest had announced a $250,000 grant for open source projects and contributors building solutions for the QA and Testing community. With this Appium Strategic Partnership, LambdaTest is doubling down on the commitment made to the open
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom