POC Medical Systems, the US-based developer of a portable breast cancer screening test, has received $21m in a series A round backed by insurer Sirius America Insurance.
Venture capital firm BioVentures Investors led the round, with participation from IFG Healthcare and MIA Investment. POC had previously raised $1.1m from undisclosed investors in a 2014 seed round.
Founded in 2013 and incubated at California-based innovation hub iGate, POC is working on a portable screening test for breast cancer called MammoAlert that will be utilised in regions like India where medical accessibility can be difficult.
The company hopes to secure a CE Mark for the product from European regulators by the end of March 2017.
Sanjeev Saxena, chairman and chief executive of POC Medical Systems, said: “Our immediate priority is to set-up a pilot manufacturing plant at the company’s headquarters in California and, following receipt of a CE Mark, launch the breast cancer screening system in India.
“India suffers from inadequate early breast cancer screening and where a woman dies of this horrible disease every seven minutes.”
– Photo courtesy of POC Medical Systems Inc.