Nirvana Sciences, a US-based medical diagnostics technology spinout from North Carolina State University (NC State), has received $785,000 of a targeted $1.5m round from undisclosed investors, according to a regulatory filing.
Founded in 2011, Nirvana Sciences is developing fluorescent dyes for imaging and diagnostics purposes such as counting immune cells to monitor diseases including leukaemia or HIV, in a process known as flow cytometry.
The dyes work by absorbing light and emitting fluorescence at varying wavelengths that can be tracked to the presence of different biological or cellular materials.
Nirvana will use the proceeds for working capital, including paying “normal” compensation to its executive team, according to the filing.
Nirvana Sciences is headed by CEO Russel Thomas, previously the director of new ventures at NC State. It was spun out from the university’s Department of Chemistry.
Nirvana’s early-stage backers include VC firm VentureSouth, startup forum Blackstone Entrepreneurs Network and business incubator First Flight Venture Center. The company previously disclosed $1.4m series A funding supplied by unnamed institutional and angel investors in 2015.
