Today, we are delighted to announce that Instapath closed a $1.7 million Series Seed round led by Draper Associates, with participation from existing investors. We are looking forward to working with such an amazing partner. The investment will be used to expand our team as we accelerate our R&D into new medical devices for rapid, on-site pathology diagnosis.
We started Instapath because we wanted to provide a way for pathologists to diagnose tissue in minutes instead of days, so that patients could receive treatment sooner. Seven years ago, we began our work on a fast, high-resolution, easy-to-use system that can provide an image for pathology diagnosis in just a few minutes. Now, we are excited to release our system, Luci, for research use. We are working toward launching our first FDA-cleared clinical system in early 2020.
We are humbled to work with so many incredible colleagues, customers, partners and investors on this journey. David, Pete, Quincy and I want to thank everyone who has been beside us along the way.
A big thank you to Tulane University, the National Science Foundation, the Cancer Prevention & Research Institute of Texas, Y Combinator, and all of our customers and advisors for helping us reach this point. We cannot wait for our next chapter in building the first fully automated digital pathology lab that enables fresh-sample- to-preliminary pathology diagnosis in less than five minutes.