Clinical informatics startup Ovation looks to grow its business in laboratory information systems for precision molecular diagnostic labs.
The firm said it raised €55.5 million to fund the expansion of its Idylla test platform, its sales and marketing activities, and other general corporate purposes.
The Belgium-based firm plans to use the proceeds to fund expansion of the Idylla test platform, sales and marketing activities, and additional general corporate purposes.
The Series E financing will go, in part, toward expansion of the company's US presence by growing its workforce and marketing to more American hospitals.
The funding will go toward expanding the firm's product line and increasing access to its testing services. MyLab Box has raised $2.1 million in total.
The company intends to use the proceeds for, among other things, investigating the use of blockchain technology in medicine and biotechnology.
It anticipates using the funds to complete the development of its first set of diagnostic products, and for a set of clinical studies to obtain regulatory clearance.
The financing will be used to hire additional team members and conduct additional studies in fertility science. The firm also launched its $199 fertility test.
Illumina Ventures was the sole investor in the Series A1 round, which will go toward Cernostics' clinical and market development studies for its TissueCypher Barrett's Esophagus assay.
The companies partnered last month to develop new personalized cancer diagnostics using the Helomics D-Chip bioinformatics platform.