The company developed a rapid, on-site analysis for foodborne pathogens such as Listeria, E. coli and Salmonella for use by food processors. The system is designed to replace currently used diagnostic tools that take 3-7 days to analyze food contaminations. According to the company, the system is also capable of providing quantitative RNA/DNA analysis and has third party validation from industry and the USDA, as well as pilots with the world's largest food companies (including PepsiCo).
SnapDNA Business Structure
- Form: Corporation
- Jurisdiction of Incorporation/Organization: Delaware
- Date of organization: April 19, 2011
The Deal Terms
- Security: Crowd SAFE
- Valuation Cap: $28,000,000
- Discount Rate: 10%
- Min. Offering Amount: $25,000
- Max. Offering Amount: $1,070,000
- Min. Investment: $150
According to the company, there have been numerous attempts at rapid pathogen detection in an hour or less for the food processing industry but none before SnapDNA have addressed all of the specific, non-negotiable industry requirements to replace lab tests (detect only live cells, work with industry accepted sample size and collection methods, and provide near-zero false positive results).
While there have been other companies that have targeted pathogen detection the food industry, none have met the requirements for broad adoption by the industry. Neogen and Clear Labs are players in the category.
Source: SnapDNA Form C.
The company has submitted an additional 2020 patent application and currently holds the following patents:
How will SnapDNA Use The Funds Raised On Republic?
David Medin (CEO) has 30 years executive and C-level experience in semi-conductor design and development. He's opened opportunities in emerging multi-billion-dollar businesses and has led large global product development teams.
Thomas Jacobs (VP Sales) has 25 years of sales leadership at food processers including 12 years at Tyson Foods.
Employees: The company currently employs 3 employees.