NEW YORK – Linear Diagnostics last week announced that it has received a £2 million ($2.6 million) investment.
The UK's Midlands Engine Investment Fund led the round, joined by the UK Innovation Science and Seed Fund, the University of Birmingham, Abingdon Health, and the firm's directors.
Linear Diagnostics, a spinout from the UK's University of Birmingham, plans to use the funds to develop its optical point-of-care diagnostic testing platform.
"We're at a really exciting stage of our development and this round of investment is a fantastic opportunity for us to take our explorations and analysis to the next level," Matt Hicks, Linear Diagnostics CTO and founder, said in a statement. "The funding will help us accelerate time to market of our initial product, through further investment in technical resource and beginning hardware development."
Founded in 2011 as part of a joint venture between Abingdon Health and the University of Birmingham, Linear Diagnostics is developing its platform on technology that uses the disruption of polarized light to measure changes in DNA sequences.
Previously, the firm had raised approximately £1 million through convertible loans and received £300,000 from the Rainbow Seed Fund and matching funds from the University of Birmingham.
The firm said it is initially targeting diagnostics for sexually transmitted diseases.