The funding round was led by new investor Co-Win Ventures, with additional investment by existing investors Tramway Partners, Cottonwood Technology Fund, and Sun Mountain Capital.
The company will use the funds to expand its clinical genomic testing efforts into additional towns and cities in India, and accelerate its drug discovery programs.
Color is opening a lab dedicated to SARS-CoV-2 testing and adapting its software infrastructure to enable physicians to order tests and return results.
The panel can detect and differentiate SARS-CoV-2 and 20 other pathogens known to cause serious respiratory disease from nasopharyngeal swabs in symptomatic patients.
Thermo Fisher plans to use the proceeds to pay in part for the acquisition of Qiagen, expected to close in the first half of 2021, and for general corporate purposes.
The firm delayed reporting final results due to questions of accounting irregularities but found no misconduct and made no changes to its preliminary results.
The company said the kit can provide results within 90 minutes, with sensitivity and specificity of detection reaching the level of traditional PCR methods.
The ID Now COVID-19 test is the second assay from the company to receive EUA from the FDA, following the same designation issued to the Abbott RealTime SARS CoV-2.
The NxTag CoV Extended Panel is a multiplex PCR test that uses the company's bead-based NxTag technology to detect coronavirus in nasopharyngeal swab specimens.
The $2.2 trillion economic stimulus package, aimed at bolstering the economy against the effects of the SARS-CoV-2 pandemic, has been signed into law by President Trump.
