Diagnostics product manufacturer Autobio Diagnostics has closed €10m ($11.3m) in funding for Finland-headquartered molecular diagnostics technology developer Mobidiag.
Founed in 2000, Mobidiag provides technology that is used by clinical laboratories to detect infectious diseases including those that are currently resistance to antibiotics.
The company’s platform is designed to screen multiple or single pathogens within a period of approximately one hour, facilitating early treatment that can avoid the spread of infection.
The funds will be used to strengthen the company’s product portfolio and manufacturing efforts. The investment was initially announced in December 2018 in connection with a strategic partnership between the companies.
Mobidiag landed $4.6m in equity funding from Springvest in April 2018, days before securing a $1.7m loan from Business Finland. It subsequently closed a three-year, $16.5m loan from European Investment Bank in November.
Tuomas Tenkanen, Mobidiag’s chief executive, said: “We are pleased to welcome Autobio as a shareholder in Mobidiag and we look forward to continuing our work with them as we progress our recently announced joint venture in China.
“The receipt of the €10m equity investment significantly strengthens our cash position and allows us to continue advancing the diagnosis of infectious diseases and antibiotic resistances through the launch of innovative and affordable molecular diagnostics.”