SpeeDx raises $26 million to accelerate new technology development and commercial expansion
Funds will accelerate technology development to increase actionable patient results per test
SYDNEY Australia 28 February 2023, SpeeDx Pty. Ltd., a developer of transformative molecular diagnostic solutions, has today announced a raise of $26 million from a range of investors including Northpond Ventures, Platinum Asset Management and Tenmile.
Tenmile, the Australian-based health technology investment business owned by Andrew and Nicola Forrest, invested $5 million as part of this funding round.
SpeeDx has invented and patented a suite of complementary technologies which enhance the capabilities and overall utility of a standard PCR test. Using these technologies, SpeeDx has developed PCR tests which detect genetic targets that are diagnostic for specific cancers (e.g. human colorectal and lung cancers, melanomas) or infectious diseases caused by bacteria, viruses or parasites (e.g. Mycoplasma genitalium, SARS-CoV-2).