Daktari Diagnostics Collects $7M in Funding

By Patricia Resende, Boston Business Journal

Daktari Diagnostics Inc. has landed another round of funding. The Cambridge, Mass.-based developer of diagnostic tests for HIV, hepatitis and tuberculosis secured $7 million in equity financing, according to documents filed with the U.S. Securities and Exchange Commission.

In addition to Bill Rodriguez, co-founder and CEO, listed as directors in the filing are Aaron Sandoski, managing director at Norwich Ventures; Roger Kitterman, a partner at the Partners Innovation Fund and a co- founder of Mass Medical Angels; Edward Roberts, professor at the MIT Sloan School of Management; Stanley Lapidus, CEO of SynapDx Corp.; David Rubin, principal in Merck’s Global Healthcare Innovation fund; and Christopher Earl, president of Innotrove, LLC.

The latest round of funding comes just one month after Daktari said it will expand into Scotland and hire 126 new employees. The company said it will enter that region with its HIV blood monitoring technology, a battery-powered CD4 white blood cell counter used in monitoring HIV patients that will marketed for use in developing and emerging countries.

Before this last round of funding, Daktari received a $5 million tranche of a planned $10 million financing round announced in December 2011. That financing was led by Merck & Co. Inc. (NYSE: MRK) venture capital arm, Merck Global Health Innovation Fund, which was joined by the company previous investor group, led by Norwich Ventures and the Partners Innovation Fund. Previous backers of Daktari have also included, Launchpad Venture Group, Hub Angels Investment Group and Boston Harbor Angels. In August 2011, Daktari landed $1.25 million in debt financing.

Daktari was co-founded in 2008 by Rodriguez, former chief medical officer of the William J. Clinton Foundation, and Mehmet Toner, a professor of engineering at Harvard and MIT. Requests for comment were not returned before deadline.