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| Image created by Dr. Michael J. Miller |
Sense Biodetection has completed a $50 million Series B financing, with the molecular diagnostics company saying it will use the proceeds to accelerate the launch of its Veros COVID-19 test, and further develop a portfolio of instrument-free, rapid molecular tests.
Those tests will be based on Sense’s Veros platform, which is designed to detect a variety of deadly and costly diseases by applying rapid molecular amplification technology.
The platform is intended to underpin a new class of rapid molecular diagnostic tests that emulate the performance of central laboratory PCR testing, but are disposable and easy-to-use since they do not need an accompanying instrument or reader.
As a result, Sense says, Veros diagnostics can be used beyond traditional healthcare settings–enabling better access, outcomes, and value for patients and providers.
Sense’s technology is based on isothermal amplification and non-fluorescent color detection of amplified analytes on an easy-to-use device.
“This Series B round is crucial in providing us with the resources to grow our Veros platform to revolutionize decentralized point-of-care testing, and it is particularly important as we commercialize our Veros COVID-19 test,” Sense CEO Harry Lamble said Tuesday in a statement.
Koch Disruptive Technologies (KDT), a subsidiary of Koch Industries, led the Series B financing, with participation from Sense’s existing investors Cambridge Innovation Capital, Earlybird Health, Jonathan Milner and Mercia Asset Management.
Based in Abingdon, U.K., Sense was founded in 2014. Five years later, it raised £12.3 million ($17.2 million) in Series A financing, with the proceeds intended toward test development.
Koch Industries operates in more than 70 countries and generates $115 billion in revenue, making it one of the largest privately-held companies in the world.
“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,” stated KDT President Chase Koch. “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.”