Previse, a Baltimore-based startup that developed technology at Johns Hopkins University, raised $3 million in seed funding from local investors TEDCO, Wexford Science and Technology, and Riptide Ventures, as well as angel investors and Vermont’s Gaingels. The startup launched its first lab-developed test called Esopredict, a biomarker technology that detects and predicts the onset of esophageal cancer, one of the most lethal cancers. Esopredict provides gastrointestinal specialists with critical information to manage the risk of future cancer diagnosis. TEDCO is an agency in Maryland that provides early-stage tech funding and support to startups. Meanwhile, Riptide Ventures and Wexford Science and Technology are Baltimore-based venture firms. Mike Leffer, managing partner of Riptide Ventures, has an MBA from Johns Hopkins and is a graduate of the United States Military Academy at West Point. On the other hand, Wexford Science and Technology, founded by James Berens, was formed to meet the growing and specialized real estate needs of universities and research institutions. Berens served Bank of America for nearly two decades before starting Wexford Science and Technology.
Baltimore-based Startup, Previse Raises $3M Seed Funding Round
Previse, a Baltimore-based startup built with technology developed at Johns Hopkins University, raised a $3 million seed round on Tuesday. Local investors such as TEDCO, Wexford Science and Technology, and Riptide Ventures, Vermont’s Gaingels, and several angel investors backed the company. The startup simultaneously launched its first lab-developed test, called Esopredict, to diagnose esophageal cancer. Developed at Johns Hopkins, Esopredict is a first-of-its-kind biomarker technology that not only detects esophageal cancer but also predicts its onset. According to the American Cancer Society, more than 20,000 new cases of esophageal cancer are diagnosed annually, and 16,120 of them are predicted to die in the next five years.
With the specific data provided by Esopredict, gastrointestinal specialists can provide critical information to patients and healthcare providers, effectively managing the risk of a future cancer diagnosis. Esopredict uses samples of a patient’s Barrett’s esophagus cells to identify changes in the DNA methylation levels of four genes, making risk predictions with a five-year horizon. Previse’s co-founder and chief medical officer, Dr. Stephen Meltzer, was part of the Johns Hopkins team that developed Esopredict.
Daniel Lunz, a former US Marine and Previse’s co-founder and CEO, said, “Our pioneering effort to introduce a first-of-its-kind test to the market is a testament to our unwavering commitment to offer advanced solutions to gastroenterologists in their pursuit of providing a proactive and personalized approach to the treatment of Barrett’s esophagus and the prevention of esophageal cancer.”
TEDCO is the state-backed agency that provides early-stage tech funding and support to startups in Maryland. Since its inception in 1998, its portfolio firms have generated more than 10,000 jobs and made an economic impact estimated at $2.3 billion. Its portfolio companies have also contributed over $100 million in direct state and local revenue. TEDCO’s recent investments include VirgilHR, Foretrace, SeeTrue, Linshom Medical, and Warrior Centric Health.
Maryland’s TEDCO and Local Investors Fund Previse’s $3M Seed Round
Previse, a Baltimore-based startup that developed technology at Johns Hopkins University, has secured $3 million in seed funding from investors including TEDCO, Wexford Science and Technology, and Riptide Ventures, as well as angel investors and Vermont’s Gaingels. TEDCO is an agency in Maryland that provides early-stage tech funding and support to startups. Its portfolio firms have created more than 10,000 jobs and made an economic impact of $2.3 billion. Meanwhile, Riptide Ventures and Wexford Science and Technology are Baltimore-based venture firms.
Riptide Ventures, which was incubated at Early Light Ventures, is led by managing partner Mike Leffer, who has an MBA from Johns Hopkins and is a graduate of the United States Military Academy at West Point. On the other hand, Wexford Science and Technology, founded by James Berens, was formed to meet the growing and specialized real estate needs of universities and research institutions. Berens served Bank of America for nearly two decades before starting Wexford Science and Technology.
Don’t miss interesting posts on Famousbio
