NEW YORK – Kentucky-based clinical laboratory Gravity Diagnostics has received a $5 million investment from investment firm Advantage Capital and the Community Development Venture Capital Alliance, Advantage announced on Tuesday.
Gravity Diagnostics currently offers testing for toxicology, pharmacogenetics, infectious and upper respiratory diseases, blood diagnostics, and COVID-19.
The financing will be used to enhance Gravity Diagnostics' facility, expand its service offerings, and support new product development, Advantage said in a statement. Covington, Kentucky-based Gravity also intends to use the funding to hire additional employees.
The investment was made through the Kentucky New Markets Development Program, which is intended to attract private capital to low-income communities and bridge financing gaps for businesses.
"This funding provides critical capital to expand our compliant testing services, making it easier for ordering providers to confidently diagnose and chart treatment plans," Gravity Diagnostics Cofounder and CEO Tony Remington said in a statement. "Our advanced laboratory delivers exceptional service to healthcare partners across the nation ensuring top-quality, compliant testing for their patients."