Hasselt-based startup UgenTec closes a €7.5 million funding round to scale its DNA analysis software, access new markets and recruit talent. The round was raised by existing shareholders, management and investment firm LRM.
UgenTec is the medical technology company that has developed an AI-driven polymerase chain reaction (PCR) analysis and workflow software. PCR analysis is a widely-adopted method for analyzing DNA. It has enabled molecular laboratories to test DNA samples for a wide field of applications including infectious disease and oncology.
In recent months, UgenTec has launched partnerships with molecular diagnostic companies such as R-Biopharm, Fast Track Diagnostics (a Siemens Healthineers company) and MDxHealth. The startup is gearing up for more partnerships and international growth in 2018.
We will consolidate our leading position in clinical diagnostics
“We have achieved considerable growth in partnering with diagnostic companies and laboratories to automate and standardize their diagnostic workflows. With this financing round, we will consolidate our leading position in clinical diagnostics, set up an office in the United States and expand into food safety & quality, agriculture and animal health,” says Steven Verhoeven, CEO at UgenTec.
The €7.5 million funding round was raised by existing shareholders, management and investment firm LRM. Existing investors include biotech investors Annie Vereecken and Herman Verrelst, IMEC, KU Leuven Gemma Frisius Fund and KU Leuven.
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