Sherlock Biosciences

Sherlock Biosciences is a molecular diagnostics company founded in 2019 focusing mainly on infectious diseases and cancer. The company’s name “Sherlock” is derived from its method dubbed “Specific High-sensitivity Enzymatic Reporter unLOCKing” by its founders as part of their published research paper in 2017. It believes its approach is as precise and effective as polymerase chain reaction (PCR)-based diagnostics without requiring expensive laboratory equipment and skills. 

Sherlock has two diagnostic technologies: 1) SHERLOCK, based on the CRISPR technology (a commonly used gene editing technology) to detect genetic sequences that are specific to diseases; and 2) INSPECTR, based on synthetic biology that creates synthetic proteins to signal diagnoses. Based on these technologies, it offers a variety of diagnostic systems and devices including rapid laboratory-based tests and at-home tests. The company’s Covid-19 test, which takes only an hour to deliver results, received emergency use authorization from the FDA in May 2020 to be used in certified labs. It became the first CRISPR-based Covid-19 test to receive FDA approval. It also developed another free Covid-19 test STOPCovid that follows a simpler extraction process, which can be used by doctors and in clinics and does not have FDA approval. The company’s miSherlock device enables testing from within a doctor’s clinic or even home and can target different Covid-19 variants including alpha, beta, and gamma. It also planned to offer wearable diagnostic devices such as a facemask. 

In February 2023 Sherlock acquired Sense Biodetection a global molecular diagnostics innovator. The terms of the transaction were not disclosed, however, the company mentioned that the acquisition was carried out to accelerate Sherlock's go-to-market strategy by adding Sense's Veros instrument-free rapid molecular test platform and manufacturing capabilities.

Key customers and partnerships

The company offers its diagnostic devices and tests to doctors, physicians, hospitals, and patients. It has secured partnerships with various global health institutions to deploy its products across developing countries. Sherlock’s industry partners include Forsyth Institute and Binx Health to develop new diagnostic solutions and Integrated DNA Technologies for device manufacturing. It also intended to partner with other diagnostics and pharmaceutical companies to develop collaborative offerings. 

Funding and financials

In its latest Series B funding round in March 2022, Sherlock raised USD 80 million, bringing its total capital raised to date to USD 136 million. It intended to use the funds to develop devices that are one-time usable (for patients) and durable devices for multiple uses (for doctors and physicians). The company also intended to partner with other diagnostics and pharmaceutical companies for collaborative offerings.