Medtech company raises $9.3M to scale DNA analysis software
A Belgium-based medical technology company that has developed software for DNA analysis, has raised $9.3 million in funding.
UgenTec has developed AI-driven polymerase chain reaction (PCR) analysis and workflow software. The company’s FastFinder software automates and standardises high-throughput molecular diagnostics, enabling molecular labs to test DNA samples for fields such as infectious disease and oncology.
PCR is a time intensive process requiring manual input from technicians which could lead to human error. FastFinder is intended to reduce workloads for lab technicians and improve the reliability of results through reproducible artificial intelligence.
Recently, UgenTec has launched a range of partnerships with molecular diagnostics companies.
This funding round was raised by existing shareholders, management and investment firm LRM.
Speaking of the investment, Steven Verhoeven, CEO at UgenTec said: “We have achieved considerable growth in partnering with diagnostic companies and laboratories to automate and standardise 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”.
Tom Martens, CCO at UgenTec said: “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. 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.”