NeuMoDx Molecular, a US-based developer of a molecular testing platform, has closed a $21m series B round led by Pfizer Ventures, the corporate venturing subsidiary of drug company Pfizer.
Pfizer was joined in the round by venture capital firms Baird Capital and Arboretum Ventures, and Wolverine Venture Fund, a student-led VC fund based at the University of Michigan. Arboretum was previously the sole investor in NeuMoDx’s $5m series A round in 2012.
NeuMoDx will use the funding to support its development of the NeuMoDx 500 Molecular IVD System, an automated, random access platform that can perform assays on DNA and RNA as part of molecular diagnostic testing. It also plans to pursue clinical trials and regulatory approvals for the first assays to be developed through the system.
“We are thrilled to have a strong investor syndicate supporting NeuMoDx during a critical period for the company,” said Jeff Williams, chief executive officer of NeuMoDx. “We have made excellent progress over the past 24 months, and are now ready to accelerate development and validation of this exciting platform. The molecular diagnostic market continues to grow, and we see a great unmet opportunity for a system with improved workflow and a lower cost per test.”