Total amount raised
$91 Millions
Latest funding date
11/01/2023
Location
Octave has successfully raised funds through multiple rounds, with the latest being a grant closed on November 15, 2023. The company is backed by 11 investors, including notable names like the Michael J. Fox Foundation and Casdin Capital.
Octave's platform centers around the MSDA Test, a multi-analyte biomarker blood test designed to measure MS disease activity, providing personalized insights for both patients and healthcare providers. Keep reading to explore the intricacies of Octave's fundraising journey and the investors backing this innovative platform.
What Is Octave?
Octave Bioscience, founded in November 2014 by Melinda Thomas and William Hagstrom, is a biotechnology company based in Menlo Park, California. The company operates within the biotechnology, clinical trials, healthcare, health diagnostics, medical, and precision medicine industries.
With a team of 51-100 employees, Octave focuses on providing diagnostic and monitoring solutions for neurodegenerative diseases, particularly Multiple Sclerosis. Their flagship product, the MSDA Test, is a multi-analyte biomarker blood test designed to measure MS disease activity, offering detailed and personalized reporting to aid in clinical decision-making.
How Much Funding Has Octave Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the MSDA Test.
- Series A
- Amount Raised: $14M
- Date: July 2018
- Lead Investors: The Blue Venture Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the development and validation of the MSDA Test.
- Series B
- Amount Raised: $32M
- Date: December 2020
- Lead Investors: Northpond Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the commercialization of the MSDA Test.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: Merck Global Health Innovation Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Series B Extension
- Amount Raised: $32.5M
- Date: July 2023
- Lead Investors: Novartis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the commercialization of the multimodal precision care solution for MS patients.
- Grant
- Amount Raised: $10M
- Date: November 2023
- Lead Investors: Michael J. Fox Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further research and development in neurodegenerative diseases.
Total Amount Raised: $91M. Current Valuation: Not publicly disclosed.
Key Investors
- Michael J. Fox Foundation
- Details: A foundation dedicated to finding a cure for Parkinson's disease through an aggressively funded research agenda and to ensuring the development of improved therapies for those living with Parkinson's today.
- Investment Focus Areas: Parkinson's disease research, neurodegenerative diseases, healthcare innovation.
- Notable Investments: Various research initiatives and companies working on Parkinson's disease.
- Casdin Capital
- Details: An investment firm focused on the life sciences and healthcare sectors.
- Investment Focus Areas: Life sciences, healthcare, biotechnology, diagnostics, precision medicine.
- Notable Investments: Investments in a range of life sciences and healthcare companies, including those in biotechnology and precision medicine.
- Novartis (dRx Capital)
- Details: A strategic investment arm of Novartis focusing on digital health and technology.
- Investment Focus Areas: Digital health, healthcare technology, biotechnology.
- Notable Investments: Investments in digital health startups and technologies.
- Northpond Ventures
- Details: A venture capital firm focusing on science and technology.
- Investment Focus Areas: Life sciences, healthcare technology, scientific innovations.
- Notable Investments: Investments in scientific and technological innovations.
- Merck Global Health Innovation Fund
- Details: The venture capital arm of Merck, focusing on digital health and healthcare innovation.
- Investment Focus Areas: Digital health, healthcare technology, biotechnology.
- Notable Investments: Investments in digital health and healthcare technologies.
What's Next for Octave?
Octave stands at the cusp of significant growth, driven by the recent $30 million extension to their Series B funding. This financial boost will accelerate the commercialization of their precision care solution for multiple sclerosis, expanding its reach to more MS Centers of Excellence, academic centers, and independent clinics. The company is also poised to explore new partnerships and collaborations in other neurodegenerative diseases like Parkinson's and Alzheimer's, broadening their impact in the healthcare sector.
Future fundraising opportunities seem promising, given the strong backing from a diverse group of investors. This support not only underscores confidence in Octave's innovative approach but also hints at potential for further investment rounds. However, challenges such as scaling commercialization efforts and ensuring widespread adoption of their solutions remain. Navigating these hurdles will be crucial as Octave continues to push the boundaries of precision care in neurodegenerative diseases.
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