St. Louis-based biotechnology company Adarza BioSystems said Tuesday it has raised $25 million in Series D financing as it readies to commercialize its first product.
The Series D funding round was co-led by Portland-based 3x5 Partners and Lightchain Capital, the family office of Scottrade founder Rodger Riney. The round also includes follow-on investments from Serra Ventures, Holton Capital Group and BioGenerator. The fresh financing follows Adarza’s $17 million Series C round in 2016 and brings the startup’s total capital raised to $54 million.
Ardarza CEO Bryan Witherbee said his company will use the new funds to prepare for and undertake full commercialization of its ZIVA platform, a biological testing device designed to assist researchers with disease profiling and drug development.
Fellow BioGenerator portfolio company Wugen already uses the ZIVA platform.
Adarza, which is based in Maryland Heights, started in New York and began operations in St. Louis in 2013. It was recruited to the region by BioGenerator. Since its relocation, the startup has drawn investment from a number of prominent St. Louis-based venture firms, with funding rounds having included funding BioGenerator, RiverVest Venture Partners, Cultivation Capital and Lewis & Clark Ventures.
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