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Multinational threat detection business set to acquire a Blu Venture Investors biotechnology portfolio company
updated: Jul 1, 2020 19:53 EDT
TYSONS CORNER, Va.,
July 1, 2020 (Newswire.com) –
PathSensors, Inc., a leading environmental pathogen detection company and a Blu Venture Investors portfolio company, entered into a merger agreement with Smiths Detection, a global leader in threat detection and screening technologies.
The PathSensors acquisition offers Smiths advanced biological detection capabilities to both serve its existing customer base and also expand into adjacent security markets including food and agricultural quality assurance.
Founded in 2010, PathSensors utilizes CANARY, a cell-based biosensor technology that delivers extremely rapid detection of pathogens at previously unseen levels of sensitivity and specificity. PathSensors licensed and subsequently commercialized CANARY — originally developed by scientists at MIT’s Lincoln Laboratories to combat bioterrorism threats — for a variety of other applications.
Recently, PathSensors made strides in detecting critical foodborne pathogens to secure the food supply with the completion of Phase I of a Small Business Innovation Research program funded by the National Institute of Food and Agriculture.
“PathSensors is a company with an established history of developing biological-threat detection devices with our proprietary CANARY technology,” said Ted Olsen, PathSensors President and CEO. “We are looking forward to becoming the Smiths Detection center of biotechnology excellence based in Baltimore, Maryland.”
Blu Venture Investors was first introduced to PathSensors by Evergreen Advisors and led the Series B round in early 2011 with additional investments in 2012, 2013 and 2015. As active investors in early-stage companies, BVI Principal Paul Silber joined the board of directors, providing mentorship and strategic guidance to PathSensors over the last 9 years.
“We’re really pleased to see this announcement of a merger agreement between Smiths Detection and BVI portfolio company PathSensors,” Silber said. “Smiths should make an excellent strategic acquirer of the great team and valuable technology that PathSensors built. We’ve enjoyed being a lead investor and providing support to the PathSensors’ team since 2011.”
PathSensors is a leading biotechnology solutions and environmental testing company providing high-speed, high-sensitivity pathogen detection and threat prevention solutions. PathSensors’ solutions can detect a wide range of threats, including anthrax, ricin, Ebola, salmonella, Phytophthora, Ralstonia, and many more.
About Smiths Detection
Smiths Detection, part of Smiths Group, is a global leader in threat detection and screening technologies for aviation, ports and borders, defense and urban security markets. Our experience and history across more than 40 years at the frontline, enables us to deliver the solutions needed to protect society from the threat and illegal passage of explosives, prohibited weapons, contraband, toxic chemicals and narcotics.
About Blu Venture Investors
Blu Venture Investors is a Northern Virginia-based venture capital firm investing in early-stage cybersecurity and enterprise software companies. Founded in 2010, BVI is composed of former entrepreneurs and operators who help founders maximize their potential in building a successful company. BVI invests primary source capital with over 60 portfolio companies and $85MM deployed.
Source: Blu Venture Investors