NEW YORK (GenomeWeb) – Alveo Technologies, a pre-clinical stage medical diagnostics firm, announced today that it has raised $38 million in Series A financing.
The Alameda, California-based startup, which was founded in 2014, said it plans to use the funding to advance the optimization and commercialization of its rapid diagnostic platform for infectious diseases. The firm's technology combines nucleic acid detection with molecular biochemistry in order to identify such illnesses.
Alveo said its Series A funding round, which was led by Maxim Merchant Capital, was oversubscribed, and included existing and new investors.
According to the firm, its platform combines sample prep, genetic material amplification, and real-time detection in a single isothermal microfluidic channel. With a single sample, the platform can multiplex at least 100 tests at once.
"This funding accelerates our vision to provide lifesaving medical information to those who need it, at the most critical times, with technology that is flexible, inexpensive, and accessible worldwide," Alveo Founder and CEO Ron Chiarello said in a statement.