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NOWDiagnostics Inc. of Springdale, a developer of over-the-counter and point-of-care diagnostic tests, announced Tuesday that it had raised $22.5 million in Series B financing.
The funding round was led by DigitalDx Ventures of Menlo Park, California, a venture capital fund comprised of Silicon Valley digital health investors and medical and legal professionals. The fund supports companies that use artificial intelligence and data to diagnose illnesses earlier, less invasively, more accurately and less expensively.
NOWDiagnostics, founded in 2013, said its technology allows virtually any immunological test to be accurately performed in one step using a small amount of capillary blood, yielding results in minutes. The company has more than 75 patents issued and pending, with platforms that include saliva and plasma testing, according to a news release. The company said its technology will enable rapid testing at home without a blood draw or throat swab.
Other notable investors in the round include the Labcorp Venture Fund, which invests in companies directly related to publicly traded Labcorp’s clinical laboratory diagnostics and drug development businesses, and private equity group Kompass Kapital Management LLC of Overland Park, Kansas.
NOWDiagnostics’ over-the-counter syphilis test is undergoing review by the U.S. Food and Drug Administration. It has the potential to be the first and only rapid syphilis test in the U.S.
The test is among more than 30 in the company’s clinical research pipeline, according to the release.
“We are thrilled to have the strong support of our investor group, which spans both new and returning participants,” Rob Weigle, CEO of NOWDiagnostics, said in the release. “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most crucial tools in preventing the spread of infection and ensuring the well-being of public health. We are committed to making accurate, easy-to-use, and affordable at-home tests available to all.”