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The patented technology has a mechanical readout and can deliver results in less than five minutes, the development team said.
The diagnostics are capable of detecting fewer than two parasites per microliter of blood and would cost an estimated $.61 per test.
The firm said it anticipates that proceeds from the financing will support a study of its technology for NASH patients, which may enable a premarket approval.
The test was selected for accelerated development and commercialization support by the NIH through the RADx Tech program for COVID-19 diagnostics.
The expanded license from MIT includes clinical applications for the technology, with PathSensors initially targeting SARS-CoV-2 detection.
Developed by the Ragon Institute, the ELISA-based test measures antibodies that bind to the receptor binding domain of the SARS-CoV-2 spike protein.
The platform can detect a single virus in more than 1,000 samples at a time or more than 160 viruses, including SARS-CoV-2, in a small number of samples.
The research team said its nanofluidic system increased the proportion of nucleic acid and protein disease biomarkers a billionfold prior to detection.
The grant recipients will receive up to $5 million each and are led by scientists at institutions including Harvard Medical School and the Cleveland Clinic.
In a study, the diagnostic and delivery capsules remained in the GI tract of pigs for more than a month and transmitted wireless temperature signals.