The firm expects to use the funding to meet demand for its Steripath platform, which improves accuracy, consistency, and predictability of diagnostic lab tests.
Under new ownership, the immunology and allergy testing laboratory is looking to raise its profile in the US and overseas.
The financing will go toward continued development of its MultiPath technology to rapidly identify hospital infections and determine their antibiotic susceptibility.
The combined debt and equity financing for the Washington state allergy lab comes as demand for food-related allergy testing is growing.
The firm anticipates deploying funds to complete the integration of Biosensia, a developer of multi-analyte assays on a CLIA-waived testing platform.
Excluding IPOs, the funding environment for private venture-backed financing Dx deals in the US and Europe was remarkably similar in 2018 to 2017, according to Silicon Valley Bank.
The company plans to use the funds to develop and commercialize its lead product, a mass spectrometry-based glycoproteomic blood test for ovarian cancer.
The company, established as a merger between A*STAR MedTech spin-off MiRXES and venture capital firm Venturecraft, has developed a blood test for early-stage stomach cancer.
The company has also achieved a CE-IVD mark for its HemeAccuTest, which targets hematological malignancies.
Developers of POC STI platforms and assays said that the tests provide convenience, privacy, and quick results in an area of testing in need of these benefits.