Tasso raises $17M for self-sample blood test; CEO says pandemic increases demand for at-home tests

(Tasso Photo)

Seattle startup Tasso closed a $17 million investment round to help grow its at-home blood collection platform.

The company’s blood sample device, called Tasso OnDemand, lets people take their own blood at home and mail it to a lab directly rather than go to a clinic. This allows for more frequent testing to monitor a drug’s effects on the blood, for example, and also lets people submit samples without going into a physical office.

Tasso was started by Dr. Ben Casavant and Dr. Erwin Berthier, who both received doctorates in biomedical engineering from the University of Wisconsin-Madison.

“The coronavirus pandemic has underscored the surging demand for more diagnostic solutions that are patient-friendly and can be deployed easily at home,” Casavant, the company’s CEO, said in a statement. “The Tasso OnDemand devices are enabling people to be tested for COVID-19 and many other routine diagnostic applications, from anywhere at any time.”

Tasso has pilot programs with the Fred Hutchinson Cancer Research Center in Seattle, Cedars-Sinai, and others. It is working with Fred Hutch to test for COVID-19 antibodies in serum as part of a study, with samples being mailed back from patients who don’t need to come into a clinic.

The 8-year-old company and Techstars grad developed its platform using $13.1 million of grant funding from the Defense Advanced Research Projects Agency (DARPA), the Defense Threat Reduction Agency (DTRA) and the National Institute of Health (NIH).

Quest and LabCorp dominate the diagnostics industry, which a number of startups have tried to disrupt through at-home or direct-to-consumer testing. EverlyWell, a startup that received funding through “Shark Tank” and offers a menu of health tests based on samples collected at home, has drawn scrutiny from experts over its accuracy. EveryWell sells an FDA-approved COVID-19 at-home test.

Other competitors include Scanwell, Thriva, WellnessFX, Baze, myLAB, LetsGetChecked, and more. A pair of Portland startup vets recently launched Reperio Health, a subscription service that will deliver a kit containing devices for testing health metrics.

Hambrecht Ducera Growth Ventures led the Series A round, which included participation from Foresite Capital, Merck Global Health Innovation Fund, Vertical Venture Partners, Techstars, and Cedars-Sinai. Elizabeth Hambrecht, partner at Hambrecht Ducera Growth Ventures, has joined Tasso’s board.

“With its talented team and proven technology platform, Tasso is poised to transform the traditional, painful, in-person blood draw process, which has been the standard of care for the past six decades,” Hambrecht said in a statement.

To date, Tasso has raised $38.6 million to date in grants, private investments, and co-development collaborations. It previously raised a $6.1 million round in March 2019.

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Amazon increases its market cap by $600B in 2020 — and analysts predict even more growth

An Amazon billboard in New York City. (GeekWire Photo / Taylor Soper)

After Amazon shares dipped slightly last week, the stock was up 6% Monday as new reports project even more growth ahead for the Seattle e-commerce giant.

Amazon has become one of the top beneficiaries of social distancing mandates amid the COVID-19 pandemic as more people rely on its online store, cloud computing services, digital media offerings, and more amid the pandemic.

Shares are up more than 60% this year, while Amazon has grown its market capitalization by more than $600 billion in 2020 alone. The company is currently valued at more than $1.5 trillion, with shares trading around $3,150 on Monday.

Jefferies on Sunday increased its 12-month price target for Amazon to $3,800. The firm noted that a second coronavirus wave “could drive another surge in online consumption.” A recent consumer survey also shows a majority of shoppers spending more online, even after the pandemic ends.

“Our updated analysis of various data points continues to support there being a permanent change in behavior that will provide a long-term tailwind to online consumption,” the report noted.

Jefferies said Amazon continues gaining market share “by reducing friction for shoppers (better selection, product availability, convenience)” and said investment in Amazon Web Services, content, and fulfillment “supports expansion into new products, services and geographies with huge potential.”

Goldman Sachs also increased its price target to $3,800 on Monday.

Amazon will report its second quarter earnings next week. Analysts note that there is some uncertainty with Amazon’s margins due to its decision to spend heavily over the past several months. The company said previously it is spending about $4 billion on expenses related to the pandemic, including pay increases and safety measures to protect employees inside warehouses where workers have tested positive for the virus.

“Providing for customers and protecting employees as this crisis continues for more months is going to take skill, humility, invention, and money. If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” Amazon CEO Jeff Bezos said in a lengthy statement as part of the company’s most recent quarterly earnings report.

Amazon’s soaring share price has increased Bezos’ net worth to more than $176 billion, a new record that pushes his financial wealth back above its levels prior to his divorce settlement last year, according to the Bloomberg Billionaires Index.

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