Japan-based molecular diagnostics system developer Atonarp secured $33m on Monday in a series C round featuring representatives of postal service Japan Post, insurance firm Northwestern Mutual and IT services provider NEC.
Japan Post Investment Corporation, Northwestern Mutual Future Ventures and Innovative Venture Fund Investment were joined by SBI Investment, a vehicle for financial services firm SBI, as well as public-private partnership INCJ and an unnamed medical equipment maker.
Atonarp has developed miniaturised quantitative mass spectrometers capable of detecting and analysing tiny amounts of gases on a molecular level. The systems are portable – one is the size of a toaster – meaning they can be transported to risky and unstable environments and do not require an external pump.
The funds will support additional prototyping of the company’s technology as it prepares to bring the systems to market.
Prakash Murthy, Atonarp’s CEO, said: “Atonarp has continued to execute at a fast pace towards our goal of disrupting the old healthcare diagnostics model that is time-consuming, painful and costly.
“With our recent innovative engineering progress, we are well-positioned to meet our product roadmap deliverables in 2020. Both the general population and healthcare providers are ready for this revolutionised healthcare experience – especially when it is priced competitively.”
Atonarp said the round boosted its funding to more than $61m across three rounds. It disclosed in 2016 that it had raised up to $16m in a round led by INCJ and backed by Innovative Venture Fund Investment and Walden-Riverwood Ventures, the latter having led an $8m series A two years earlier.
Image courtesy of Atonarp, Inc.
