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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 funding comes from the Bill and Melinda Gates Foundation, which previously provided the company with $500,000 for the test's initial development.
BIOASTER and Mologic will develop and clinically evaluate a test prototype for detecting O. volvulus antibodies in blood with high specificity.
The firm is working with a new center in Dakar, Senegal, that will deploy new tests based on the platform to support early detection of tropical diseases.
The British molecular diagnostics firm recently completely a redesign of its point-of-care system, called Q-POC, and is planning to seek a CE-IVD mark for the device later this year.
The firm said net product revenues fell 11 percent year over year in the fourth quarter.
The firm will use its solid-state nanopore technology to develop a point-of-care molecular diagnostic device to detect tuberculosis in low-resource areas.
The company's HIV testing revenues were up 24 percent year over year, while HCV testing revenues plummeted 68 percent.
The foundation will provide funding of no more than $20 million over the four-year term of the deal, and no more than $6 million each year.
The grant will go toward creating a diagnostic technology center to develop methods for detecting protein biomarkers at the point of care.