The company also announced that Min Cui, Managing Director at Decheng Capital, will join the company's board of directors.
Steve Tablak, the CEO of GeneWeave Biosciences, said the latest infusion of capital will be used to complete the development, validation and clearance of the initial test for the company's platform. The company has developed a breakthrough molecular diagnostic technology for the detection of life threatening pathogens.
"Using patent-pending technology, the GeneScout™ platform, we will be able to deliver an unprecedented combination of performance and simplicity to hospital laboratories seeking to replace traditional microbiology with better performing molecular diagnostics," said Tablak.
"Decheng Capital led the latest venture round for GeneWeave Biosciences because we see the tremendous application for the technology both here in the United States and in China where there is fast growing demand for innovative molecular diagnostics products. GeneWeave has the opportunity to offer simplified workflow, rapid results and truly transformational technology," said Decheng Captial's Cui. "We believe that GeneWeave will continue to deliver exceptional results, as they have done throughout their early development."
"I'm very excited about GeneWeave's upside," added Ted Driscoll, a partner of Claremont Creek Ventures. "From the outset, we have imagined a wide range of applications for GeneWeave's innovative platform. This is one of our early stage companies that has consistently delivered results ahead of schedule and under budget. We could not be more excited to have a front row seat as this financing round will allow the dynamic management team to lead the company to first commercialization and beyond," Driscoll added.
GeneWeave Biosciences has created a new and innovative platform for the surveillance and detection of infectious disease. Their proprietary GeneScout™ technology offers a truly transformational solution for health care providers seeking to detect and prevent infection from potentially life-threatening organisms.