Wauwatosa-based biotechnology startup TAI Diagnostics Inc. is working to raise a $10 million Series B round of funding.
The company, which provides non-invasive and highly sensitive diagnostic testing of transplanted organs, filed notice of the funding round with the SEC this week. The filing indicates it has so far raised about $1.8 million from 24 investors. The first sale occurred Oct. 10, and investors were provided with both equity and the option, warrant or other right to acquire another security.
TAI plans to use the new capital for product development and other general corporate purposes. The company’s executive officers will be compensated from both revenues and investment proceeds, not from the offering.
Founded in 2015, TAI that year raised an $8.2 million Series A round, led by Madison-based venture capital firm Venture Investors. Read the full story here.