NEW YORK -- British bloodtesting company Biosignatures announced last week it has raised £3.5 million ($4.2 million) in funding.
The financing round was led by Accelerated Digital Ventures from its British Business Bank ECF fund.
Biosignatures intends to use the money to analyze biobank samples to develop 20 new diagnostic screening tests targeted at cancer and dementia. All 20 tests would be run on one blood sample, the Newcastle Upon Tyne-based company said.
The company uses machine learning and protein measurement technology to discover new kinds of clinical diagnostic tests. Its first product is a blood test for prostate cancer that was developed with the UK's National Health Service.
"Vast amounts of money can be saved if an effective set of screening tests can be developed," said Will Dracup, Biosignatures' cofounder and CEO said in a statement. "We will literally be saving billions by saving millions."