How I built a $275 million biotech company from nothing

Y Combinator

Y Combinator

11 min, 52 sec

Serena Serna shares her inspiring story from facing health issues to founding and selling a biotech company for $275 million.

Summary

  • Serena discusses the challenges of starting a biotech company as a woman of color without advanced degrees.
  • She talks about her personal health scare in high school with ovarian cysts, which later motivated her to improve women's healthcare.
  • Serena explains the development of her company, Envision Medical, and the process of securing funding despite facing bias and skepticism.
  • She highlights the clinical success and eventual acquisition of her company by Boston Scientific.
  • Post-acquisition, Serena becomes a YC partner, using her experience to help other healthcare and biotech founders.

Chapter 1

Introduction to Serena Serna

0:00 - 43 sec

Serena Serna introduces herself, highlighting the challenges she faced as a non-typical biotech founder.

Serena Serna introduces herself, highlighting the challenges she faced as a non-typical biotech founder.

  • Serena is a brown woman without the advanced degrees typically seen in the biotech industry.
  • Despite feeling underqualified, she never gave up on her vision.

Chapter 2

Personal Background and Motivation

0:48 - 2 min, 38 sec

Serena shares her personal health experiences that motivated her to start her company.

Serena shares her personal health experiences that motivated her to start her company.

  • She recounts a painful health incident from high school involving ovarian cysts.
  • The lack of reliable diagnostic methods for ovarian cysts deeply affected her and her family.
  • Inspired by her experiences, she aspired to improve women's healthcare.

Chapter 3

Early Career and Founding Envision Medical

3:34 - 46 sec

Serena discusses her early career and the founding of Envision Medical.

Serena discusses her early career and the founding of Envision Medical.

  • Worked as an engineer at Abbott Vascular and a device startup before founding her company at 24.
  • Motivated by her high school health scare, she aimed to create an early detection mechanism for ovarian cancer.
  • She faced challenges in getting her idea validated by the medical community.

Chapter 4

Validating the Concept and Seeking Funding

4:25 - 2 min, 6 sec

Serena speaks about validating her medical device concept and the difficult process of seeking funding.

Serena speaks about validating her medical device concept and the difficult process of seeking funding.

  • She consulted gynecologists to validate her concept, starting with her own doctor.
  • Serena leveraged her personal network for introductions to industry professionals.
  • She faced at least 50 rejections from investors, partly due to biases against her background and the Women's Health market.

Chapter 5

Development and Clinical Success

6:32 - 1 min, 39 sec

Serena recounts the development of her medical device and its clinical success.

Serena recounts the development of her medical device and its clinical success.

  • After initial funding, she built a world-class team and raised more venture capital.
  • The device went through prototyping, clinical studies, and received FDA clearance.
  • It became the first device cleared to collect cells from the fallopian tube for cancer evaluation.

Chapter 6

Acquisition by Boston Scientific

8:13 - 1 min, 25 sec

Serena details the acquisition of her company by Boston Scientific.

Serena details the acquisition of her company by Boston Scientific.

  • She had no initial interest in selling, but the clinical data attracted several companies.
  • Boston Scientific made an offer of $275 million to acquire the company.
  • Serena describes the emotional moment of signing the deal.

Chapter 7

Post-Acquisition and Becoming a YC Partner

9:42 - 2 min, 4 sec

Serena explains her transition to becoming a YC partner after selling her company.

Serena explains her transition to becoming a YC partner after selling her company.

  • She was introduced to Jared Friedman at YC and invited to speak at an event.
  • Relaying her story to other founders, she found fulfillment in helping them succeed.
  • Serena looks for founders who are passionate about solving big problems, regardless of their formal qualifications.

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