The investment bank said the company is strongly positioned as a leader in the transplant diagnostics market with tests that serve an unmet need.
The joint venture, called Renx AI Labs, will allow RenalytixAI to operate outside New York City and perform prospective revenue-generating contract research.
The partners anticipate developing tests that analyze clusters of biomarkers to detect cardiovascular disease, kidney disease, liver cancer, and other diseases.
The firm said that it anticipates using the funds to scale operations in the US and to continue rolling out its service in the UK.
The firm plans to seek full commercial approval for its assay, which integrates biomarker identification with a patient's electronic medical record, later this year.
LabCorp and TACHC will use data analytics and clinical decision support tools to improve the care of patients with chronic kidney disease and diabetes.
The lab analytics service provides insurers with guidance aimed at helping them achieve improvements in quality performance metrics.
Factors that may have led to the explosion in testing include more consultations between patients and general practitioners, and a fear among GPs of being sued.
The companies will evaluate the performance of Proteomics International's PromarkerD test for predicting decline in kidney function and drug response.
The company's first product will use electronic health records, predictive blood-based biomarkers, and other genomic information to guide kidney disease treatment.