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Combination unites two innovative diagnostics platforms to build a first-of-its-kind connected point-of-need diagnostics platform
BOSTON & NEW YORK--(BUSINESS WIRE)--Sapphiros, a diagnostics platform backed by investment funds managed by KKR, and binx health, a point-of-care diagnostics company backed by Hildred, a health care-focused private equity firm, today announced that they have combined to form Onvaro, a next-generation diagnostics company built to bring fast, accurate, and affordable testing to the point of need across health care and consumer settings. As part of this combination, investment funds managed by KKR, through its Health Care Strategic Growth strategy, Hildred, and EQT Life Sciences are investing capital to support Onvaro’s growth trajectory.
Onvaro unites binx health’s established FDA-cleared, CLIA-waived platform and national commercial network with Sapphiros’ leading-edge technology, scalable development and manufacturing capabilities, and deep product pipeline. binx health’s commercial infrastructure gives new product innovations an immediate path to market, and Sapphiros’ proprietary printed electronics, blood collection technology, and retail pharmacy and strategic supply channels broaden the product portfolio and extend the reach of both companies’ products.
The combination creates a unique, diversified diagnostics company positioned for growth across retail, at-home, and other decentralized testing channels. Onvaro is also developing a first-of-its-kind connected diagnostics layer, which is designed to capture results at the point of testing and help efficiently connect patients with providers, telehealth platforms, pharmacies, and other care services. By closing the gap between testing and treatment, Onvaro aims to expand access to care, improve patient outcomes, and lower health care costs.
Mike Karsonovich, who has led binx health, will serve as Chief Executive Officer of the combined company. He brings more than 35 years of experience in sales, marketing, operations, and general management, including senior leadership roles at StatLab Medical Products, ElectroCraft, Thermo Fisher Scientific, and Abbott.
Namal Nawana, founder of Sapphiros, will serve as Lead Director of Onvaro.
“We have long believed in Sapphiros’ potential to build a differentiated diagnostics platform, just as Hildred has had strong conviction in binx health and the commercial foundation it has built,” said Ali Satvat, Global Head of Health Care Strategic Growth at KKR. “Together, these businesses create a more compelling opportunity than either could deliver alone: a platform with the commercial traction, technology, and manufacturing depth to become an important player in the shift toward decentralized diagnostics.”
“binx health has built real strength as a result of its technology and commercial platform, and we see significant potential ahead,” said Andrew Goldman, Co-Founder and Managing Partner at Hildred. “Combining binx health with Sapphiros to form Onvaro gives the business the breadth, scale, and capabilities needed to capture new opportunities. We look forward to working alongside KKR, EQT, Mike, and the Onvaro team as they build on both companies’ foundations and accelerate their next chapter of growth.”
We believe the future of diagnostics lies in bringing accurate, affordable testing closer to patients and connecting results more seamlessly to care,” said Christoph Broja, Partner at EQT Life Sciences. “The combination of Sapphiros and binx health brings together complementary technologies, commercial capabilities, and deep expertise to address this opportunity at scale. We are excited to support Onvaro alongside KKR and Hildred as it advances innovative diagnostic solutions with the potential to meaningfully improve access to health care and patient outcomes.”
Onvaro’s commercial portfolio will be anchored by the binx io platform, an FDA-cleared, CLIA-waived molecular point-of-care system with more than 1,000 installed instruments and a national distribution network, giving Onvaro a commercial infrastructure ready to introduce additional products over time. From that foundation, the Sapphiros pipeline extends into respiratory testing, women’s health, infectious disease, and blood collection, creating multiple paths to growth across health care and consumer markets, subject to applicable regulatory clearances or approvals. Onvaro will deliver testing across physician offices, urgent care clinics, pharmacies, retail locations, and the home.
“Onvaro starts from a position of strength — commercial products in market, a deep pipeline, differentiated technology and manufacturing capabilities, and an exceptional team,” said Mike Karsonovich, Chief Executive Officer of Onvaro. “Our opportunity now is to bring these strengths together and build a platform that reaches patients wherever testing happens — making high-quality diagnostics faster, more accessible, and more connected to care.”
“When we founded Sapphiros, the goal was to make high-quality diagnostics simple, affordable, and available wherever patients need them,” said Namal Nawana, Lead Director of Onvaro and Founder of Sapphiros. “binx health has built the commercial team to help bring that vision to the people who need it. We’re excited to accelerate progress with Onvaro and scale a first-of-its-kind connected diagnostics platform that turns test results into care.”
KKR originally invested in Sapphiros in 2021 through its Health Care Strategic Growth strategy, which partners with high-growth health care companies to help them reach scale. Since 2021, KKR has supported Sapphiros as it developed its proprietary technology, manufacturing capabilities, and long-term product pipeline.
Hildred first backed binx health in 2021, bringing experience building commercial-stage diagnostics and medical technology companies. Hildred worked closely with management to expand the reach of the binx io system and establish a national commercial footprint.
EQT Life Sciences is investing in the combined platform to support Onvaro’s long-term commercial and clinical roadmap, leveraging its specialized healthcare investment experience to advance the development of next-generation, decentralized testing solutions.
With a shared vision to build the next-generation diagnostics platform, KKR, Hildred and EQT Life Sciences will work closely with Onvaro management and commit new capital to support its long-term potential.
Onvaro is a next-generation diagnostics company built to make high-quality testing faster, more accessible, and more connected. Formed through the combination of Sapphiros and binx health, Onvaro brings together differentiated technology, an established commercial platform, and scalable manufacturing to deliver testing across point-of-care and point-of-need settings, including retail, at-home, and other decentralized channels. Its portfolio and pipeline span molecular diagnostics, digital and visual lateral flow, and blood collection, supported by connected diagnostic capabilities and addressing sexual and women’s health, respiratory illness, and infectious disease. For more information, visit https://www.onvaro.com/.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
Hildred is a health care-focused private equity firm that specializes in operationally intensive, control-oriented investments in lower middle-market companies. Hildred partners with innovative and growth-oriented management teams to build high-quality businesses. The Hildred team possesses extensive experience across the health care industry, and seeks to leverage its unique blend of strategic, financial, commercial and operational acumen to drive strategic growth and create value for its portfolio companies and investment partners. Hildred currently has approximately $5 billion in assets under management. For more information, please visit www.hildred.com and follow the firm on LinkedIn.
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.
More information: https://eqtgroup.com/private-capital/eqt-life-sciences
This press release contains forward-looking statements, including statements regarding Onvaro’s strategy, product pipeline, anticipated regulatory clearances, growth and future performance. These statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond the parties’ control, that could cause actual results to differ materially. Forward-looking statements speak only as of the date of this release, and none of Onvaro, KKR or Hildred undertakes any obligation to update them, except as required by law.
Media
Sapphiros / KKR
Brooke Rustad
media@kkr.com
binx health / Hildred
hildred@profileadvisors.com
