DnaNudge, a genetic testing startup based in London, has closed a $60 mln Series A funding round to improve rapid genetic testing.
The funding round was led by Ventura Capital and counted with participation from the world’s largest independent wealth manager Bank Julius Baer. Dr. Giuseppe De Filippo, Managing Director of Bank Julius Baer, referred to the bank’s participation by stating:
“We are very proud to have been part of such a large Series A capital raise into this breakthrough technology. The unprecedented level of interest in DnaNudge highlights the willingness of investors both to help resolve the current COVID crisis, and to support the growth of a company built on exemplary scientific credentials. Our investors are highly discerning, and the insight into this validated technology and its future clinical and commercial applications offered by Professor Toumazou’s team and Ventura Capital was instrumental in securing this major fund-raise.”
DnaNudge aims to create easy-to-distribute testing solutions that offer a high grade of clinical accuracy in a matter of an hour, allowing healthcare providers and organizations to detect all sorts of conditions more effectively. The new funds will allow it to accelerate the global deployment of its testing products and continue its clinical trials. Chris Toumazou FRS, FREng, FMedSci, CEO and co-founder of DnaNudge, referred to the startup’s potential by stating:
“The game-changing nature of our innovation has created an extraordinary commercial opportunity within next-generation medical diagnostics, and the global investor community is very excited by the transformative potential of a rapid, gold-standard RT-PCR testing platform that can screen for multiple viruses simultaneously. We are delighted to have completed this successful fund-raise which will allow us to dramatically speed our plans for worldwide availability, particularly in the US, Japan, Europe, and other key territories where interest is extremely high.”
With the Covid19 pandemic highlighting the shortcomings of traditional testing platforms, organizations like the genetic testing startup have mobilized to revolutionize testing by using new technologies. DnaNudge expects its unique approach will allow it to become a leader in the industry, improving the quality of life of millions and the efficiency of the healthcare system.