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The diagnostics are capable of detecting fewer than two parasites per microliter of blood and would cost an estimated $.61 per test.
The company said it will look to obtain regulatory approval in additional countries to accelerate the analyzer's market introduction in Asia and Africa.
The technology from Scanwell is also being used for its at-home SARS-CoV-2 antibody test, which is under development and awaiting Emergency Use Authorization.
The Bill & Melinda Gates Foundation will also provide support to winners of the challenge, which may include a grant of up to $500,000.
The firm has entered the market in Africa with a new collaboration in Ghana. It is also developing instrument-agnostic STI and liquid biopsy tests.
Two new grants are helping the company develop its SHERLOCK and INSPECTR technologies as the basis for creating innovative diagnostics.
Erada Technology Alliance said the Global Health Innovative Technology Fund grant facilitates production, testing, and validation trials for the rapid test for malaria.
The startup holds an exclusive license from Johns Hopkins University and intends to launch its test in time for World Malaria Day in April 2020.
The test uses unique PCR chemistries as well as a streamlined sample prep method to detect resistance mutations without DNA extraction.
PATH is using the tool to benchmark RDTs for several diagnostic companies and help them understand if their products are meeting competitive performance standards.