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NEWTON, Mass. July. 12 — iSpecimen®, a provider of on-demand human biospecimens to the life science community, announced today the closing of a $2.0M seed financing round. Led by private investors, the investment will be used to complete the development of the first version of its proprietary technology, which watches the flow of specimens in its network of clinical laboratories to match them to medical researchers’ customized specimen requests.

 

“We are excited to begin this next phase of development and to bring a commercially viable solution to the problem of biospecimens procurement,” said Christopher Ianelli, M.D., Ph.D., founder and CEO of iSpecimen. “From the very beginning, we received tremendous feedback from researchers that obtaining the quantity and quality of specimens needed to advance their research was a huge problem.  Our technology solves these problems by making a vast supply of specimens directly available to medical researchers in an automated, dependable fashion.”

 

iSpecimen’s technology was born out of a research program at a major Boston-area academic medical center, where medical researchers faced a daunting challenge acquiring specimens while at the same time, their own clinical laboratory threw away millions of specimens yearly – specimens that were often suitable for research. iSpecimen’s founders realized that they could use technology to match researchers’ request for specimens against specimens that were about to be discarded and instruct lab personnel to compliantly pick and send the remnant specimens to researchers. This technology saved internal academic researchers millions of dollars and greatly sped specimen acquisition rates that allowed research to complete in a timely fashion.

 

“The tremendous interest we had in our seed investment shows that others believe in iSpecimen’s business as much as I do,” added Ianelli.  “The influx of capital will help us to not only complete our initial technology development but also allow us to ramp revenue. It’s great to be part of a business that not only will bring a return on capital to our investors but one that enables medical research and ultimately better patient care.”

 

About iSpecimen

iSpecimen, a privately held company, provides life scientists with a rich source of high-quality human biospecimens for their research and development programs. The company’s pioneering technology allows it to search through millions of patient specimens flowing through its partner network of clinical laboratories each year to find biospecimens based on associated laboratory and medical record data. These samples, most of which would otherwise be discarded after clinical testing, exactly match patient cohort criteria and provide a steady supply of richly-annotated human biospecimens for a variety of basic and translational research. For more information about iSpecimen, please visit ispecimen.com.

 

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