NEW YORK (GenomeWeb) – Canadian molecular diagnostics firm Qvella announced today it has raised $20 million in Series A financing.
The funding round was co-led by RA Capital Management and Whitecap Venture Partners, and included Hatteras Venture Partners and Sands Capital Ventures as syndicate partners.
"This latest round of funding provides us with the capital to support our ongoing research and development, and build out our team," Tino Alavie, president, CEO, and co-founder of Toronto-based Qvella, said in a statement.
The core technology of Qvella, called Field Activated Sample Treatment, uses electrical lysing and direct-from-blood sample detection in a spatially multiplexed array, according to the company's website. The firm is developing the technology for rapid pathogen detection.
"Solutions that enable patients to receive the right treatment quickly will fulfill a key unmet need in microbiology," Parker Cassidy, Qvella board member and executive in residence at RA Capital Management, said in today's statement. "Qvella has the perfect combination of technology, team, and potential to impact how antibiotics are delivered and developed."