Publication date: 29/03/2018
We're excited to announce our series A funding round. Existing and new investors subscribed to the round for a total worth of $9,3 million (€7,5 million). The funds will be used to consolidate our leading position in clinical diagnostics, setting up a US office and expanding to new markets.
UgenTec, the medical technology company that has developed an AI-driven polymerase chain reaction (PCR) analysis and workflow software, announces the closing of a $9.3 million (€7.5 million) funding round.
UgenTec automates and standardizes high-throughput molecular diagnostics, particularly PCR. PCR analysis is a widely-adopted method for analyzing DNA. It has enabled molecular laboratories to test DNA samples for a wide field of applications including infectious disease and oncology.
The company’s software FastFinder reduces workload for lab technicians and improves the reliability of results by introducing reproducible artificial intelligence. PCR analysis is an intensive process that requires considerable time and manual input from technicians. This may lead to human error and decrease the accuracy of results. UgenTec’s FastFinder eliminates these obstacles by reducing hands-on time and speeding up the analysis.
In recent months, UgenTec has launched partnerships with molecular diagnostic companies such as R-Biopharm, Fast Track Diagnostics (a Siemens Healthineers company) and MDxHealth.
The round was raised by existing shareholders, management, and investment firm LRM. Existing investors include biotech investors Annie Vereecken and Herman Verrelst, IMEC, Gemma Frisius Fund and KU Leuven.
“We have achieved considerable growth in partnering with diagnostic companies and laboratories to automate and standardize their diagnostic workflows. With this financing round, we will consolidate our leading position in clinical diagnostics, set up an office in the United States and expand into food safety & quality, agriculture and animal health” said Steven Verhoeven, CEO at UgenTec.
“We are proud to have transformed FastFinder from a technical innovation into the go-to solution for high-throughput qPCR analysis in well over 100 laboratories across the globe.” says Tom Martens, CCO. “We will accelerate our growth in 2018 by partnering with more molecular diagnostic companies as well as qPCR device and robotics manufacturers.”
“Over the last several years, the diagnostic industry has made significant leaps in the development of laboratory robotics, better chemistry and reagents to innovate the sector. There are still considerable gaps, however, in correspondingly advanced software that enables this hardware to create productivity gains. These gaps are key to the traction FastFinder is already receiving.”