The company recently reached separate deals with Innova Biosciences and Skannex to make it the preferred supplier and partner for lateral flow development and manufacturing with those firms.
The firm's CEO said that the test must undergo additional clinical studies, but it could be available from a CLIA-certified lab in about a year and a half.
The firm is developing a wirelessly enabled biosensor patch that would continuously monitor several blood-glucose biomarkers for diabetes patients.
The new funding comes from life sciences investment firm Perceptive Advisors. Home Care Assistance CEO Lily Sarafan has also joined Counsyl's board.
The financing will be used to launch Aquaro's first product, an automated microtomy technology, expand the firm's commercial efforts, and support R&D.
BOE Technology led the financing round, with participation from family offices, current investors, and the North Carolina Biotechnology Center.
The investment is part of a Series C financing round that will also include other investors. Seventh Sense is developing a new type of blood collection device to improve patient compliance.
The firm said that it is expecting a research grant from the National Science Foundation that will partly fund efforts to improve the cost efficiency of its DNA sequencing process.
The funding will go toward bringing the BA100 test to clinicians. The test can identify patients most likely to respond to the standard of care chemotherapy treatment.
About £3.7 million ($4.9 million) of proceeds from the placement would go toward the acquisition, while remaining funds will support assay development validation, and working capital.