ANDalyze, Inc. announced a first close of $375,000 out of its expected $1 million debt fundraising effort. Five investors participated to the offering which will remain open for a year. The company raised around $3.2 million since its inception via multiple financing rounds. IllinoisVentures, a seed and early stage technology firm, is a backer via its Illinois Emerging Technologies Fund. Other investors include the University of Illinois, Illini-Itec, Ralph Dumke, Serra Ventures which invested in the company in 2012 via its Serra Capital Fund and Meidlinger Partners a late and growth stage firm specialized in water and wastewater related investments.
ANDalyze is leveraging the discovery that DNA can be engineered to test for organic compounds such as glucose in blood and other organic markers in biological samples. The company developed and markets products for testing water contamination using DNA as a catalyst which offers simple, fast, inexpensive and reliable detection of trace metals and other target chemicals. The technology is a universal platform which can be adapted to meet the needs of other markets.
The company which changed its name from DzymeTech, Inc. was founded by Yi Lu in March 2005. It is headquartered in Champaign IL and is lead by William Thalheimer (CEO). The executive team includes Ron van Os (COO), Debapriya Mazumdar (Product development), Marty Dugan (Marketing and business development) and Kanaiya Naik (Sales).