Investors committed more than $22 million in new venture financing to a Spanish startup focused on developing a speedier diagnostic system for infectious diseases, antibiotic resistance and critically ill patients. The money will help back a commercial launch slated for 2015.
Barcelona-based STAT-Diagnostica is a relatively new player in the market, launched in 2010. It's developing an in vitro diagnostic system that blends a molecular diagnostic/immunoassay tech into a single device. Dubbed Near-Patient Testing tech, the system is supposed to provide diagnostic results in 30 minutes or less, versus up to several days under current standards. Considering venture funding in the diagnostic space is hard to come by for earlier-stage companies, the investment represents a big achievement.
"Our ability to close the round is proof of the outstanding team behind the company," STAT-Diagnostica CEO and co-founder Jordi Carrera said in a statement, "and it demonstrates the potential of our technology in the fast growing decentralized diagnostics market."
Kurma Life Sciences Partners led the Series B $22.1 million funding round, which also included new investors Idinvest, Boehringer Ingelheim Venture Fund, and Caixa Capital Risc. Additionally, previous investors Ysios Capital and Axis also participated.
Ysios Capital investment director Raúl Martín-Ruiz said in a statement that he was impressed with the company's speed to market, having progressed since 2011 from "just an idea" to "pre-commercial validation of the technology," which helped boost investor interest because of the decreased risk a near-commercialized technology offers.
- read the release