NOWDiagnostics (NOWDx), a US-based medical technology startup developing over-the-counter (OTC) and point-of-care (POC) diagnostic test kits, has secured $22.5M in an oversubscribed series B funding round to commercialize at-home diagnostic testing kits.
As the company announced on Tuesday, July 9, the new funding will also support the development of new diagnostic innovations, increase the number of tests, and strategically hire new staff to support its mission.
Led by Robert Weigle, John Miller, Jody Berry, Ph.D, Michele Roe, and Vicki Thompson, the startup’s latest funding round was spearheaded by DigitalDx Ventures, with the support of notable investor companies, including Kompass Kapital Management and LabCorp Venture Fund.
NOWDiagnostics New Era OTC Diagnostic Test
Founded in 2013, NOWDx focuses on providing accurate, cost-effective, and easily accessible diagnostic testing kits suitable for home use. The company’s first at-home test kit, the First To Know® Syphilis OTC test, is currently undergoing FDA review.
According to the company, the syphilis OTC test has the potential to become the only at-home syphilis test kit in the US capable of providing test results in minutes.
Besides the at-home syphilis test, the company also has more than 30 diagnostic test kits undergoing clinical research, with the potential to provide accurate, rapid test results in minutes.
The company’s test kits represent remarkable advancements in rapid disease testing. They allow immunological assays to be performed in a single step using a drop of capillary blood and display results within minutes.
NOWDiagnostics (NOWDx)’s latest financing round represents investor confidence in its commitment to providing innovative diagnostic tests vital for saving lives through early disease detection, allowing for early treatments, and implementing prevention measures.
