Molecular diagnostics firm raises $50m investment for COVID-19 test

Sense Biodetection has raised a $50 million Series B investment to advance commercialisation of its Veros COVID-19 product and continue development of a portfolio of instrument-free, rapid molecular tests.

The Veros platform introduces novel and proprietary rapid molecular amplification technology to detect a variety of deadly and costly diseases. The Series B round was led by Koch Disruptive Technologies (KDT), a subsidiary of Koch Industries, Inc.

Harry Lamble, CEO of Sense, said: “This Series B round is crucial in providing us with the resources to grow our Veros platform to revolutionise decentralised point-of-care testing; and it is particularly important as we commercialise our Veros COVID-19 test, which delivers laboratory quality results directly to users within minutes, without an instrument. This will be an essential tool in the effective management of outbreaks of this and other diseases. Partnering with KDT provides us the support we need to deliver on our ambitious plans to quickly scale manufacturing and commercialise the Veros platform and launch a whole pipeline of testing products, beginning with the Veros COVID-19 test.”

Sense’s Veros product platform ushers in a pioneering new class of molecular diagnostic test that brings the performance of central laboratory PCR testing into a rapid, easy-to-use, disposable format. Unconstrained by an instrument or reader, Veros products can be utilised beyond traditional healthcare settings, enabling better access, outcomes, and value for patients and providers.

Chase Koch, president of Koch Disruptive Technologies, said: “KDT sees huge potential for Sense’s Veros platform to transform the way medical providers and patients approach healthcare, empowering more choice, increased access, and better quality of care. 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 Series B investment also included participation from Sense’s existing investors CambridgeInnovation Capital, Earlybird Health, Jonathan Milner and Mercia Asset Management.