NEW YORK (GenomeWeb) — DNA testing firm PathogenDx announced today that it has closed a $3.4 million convertible note round.
The round was co-led by Altitude Investment Management and the Panther Opportunity Fund, with participation from CanopyVentures, Tendaji Investments, PB Venture Group, Salveo Capital, Halley Valley Venture, FlatIron Group, and Spearflower VC. Specific terms of the round were not disclosed.
PathogenDx develops microarray-based pathogen detection products using a proprietary genotyping technology for the cannabis, botanical, food, and agricultural markets. The firm currently offers two kits: PathogenDx Cannabis, which is designed to detect pathogens in cannabis that are harmful to humans; and PathogenDx Environmental Screening, which is designed to detect pathogens in cannabis that are harmful to humans and to the plant.
"The technology that PathogenDx has developed can help to identify contamination sooner, thus helping reduce the spraying of fungicides and pesticides on the crop," Micah Tapman, managing director of CanopyVentures, said in a statement.