NEW YORK — Singaporean diagnostics firm One BioMed said today that it has closed a $5 million Series A round of financing.
The round was led by Biopath Ventures Arch and Venture Partners with participation from Singapore government-led investment group Seeds Capital. In conjunction with the round, BioPath's Joseph Jeong and Nick Roelofs will join One BioMed's board.
One BioMed was spun out of Singapore's Agency for Science, Technology, and Research (A*Star) to develop a point-of-care diagnostic platform for infectious disease that uses chemistry-based nucleic acid extraction and silicon biophotonics dual-ring sensing.
The company said it will use the Series A funding to commercialize its first product, an automated sample preparation device for the purification and isolation of nucleic acids. It added that the device will be the foundation for future platforms that integrate molecular diagnostic tools.
Late last year, One BioMed and A*Star's Institute of Microelectronics established a joint laboratory in order to launch a rapid point-of-care test that can detect up to 20 infectious diseases simultaneously.