US-based materials company the Dow Chemical Company and Kaiser Permanente Ventures, the corporate venturing unit of US-based healthcare group Kaiser Permanente, have invested $28m in Oxford Immunotec, a medical diagnostic company .
The round was led by Imperial Innovations and Invesco Perpetual and backed by venture firms Clarus, New Leaf, DFJ Esprit, Wellington, SPARK Ventures, the Dow Chemical Company, NTEC, and the University of Oxford. Oxford Immunotec has now completed five institutional funding rounds totaling approximately $110 million since its establishment in 2002.
Susan Searle, Chief Executive Officer, Imperial Innovations, said: “Oxford Immunotec is a well-run, high-growth company in an exciting space. This funding provides it with the capital to expand its operations in key markets and enables a UK university spin out to become a truly multinational business.”
Oxford Immunotec’s product detects latent TB infection and is intended to replace the 90-year old tuberculin skin test which medical practitioners currently use.