UK-based molecular diagnostics technology developer Sense Biodetection received $50m yesterday in a series B round led by Koch Disruptive Technologies (KDT), a subsidiary of chemicals and industrial group Koch Industries.
The round also featured Earlybird Health Tech Fund, a fund managed by venture capital firm Earlybird, as well as Cambridge Innovation Capital (CIC), Mercia Asset Management and private investor Jonathan Milner.
Sense is developing handheld molecular diagnostics tests for the detection of viral and bacterial diseases, and its Veros platform can provide test results in minutes without the use of other instruments.
The funding will support the commercialisation of the company’s covid-19 test as well as development activities for its other molecular testing products.
KDT president Chase Koch said: “Sense’s vision to decentralise the healthcare system, through its flexible point-of-care testing capabilities for a variety of diseases, presents a foundational shift in an industry ripe for disruption.
“Sense’s talented team and its innovative Veros platform are changing the way we manage healthcare and infectious diseases and we expect even greater applications of their technology as they continue to grow.”
The company collected $13.5m in a series A round in October 2019 that was co-led by Earlybird and CIC with investments from Mercia and Milner. It had raised approximately $740,000 in a 2016 seed round led by Mercia and backed by assorted angel investors.