CNine Bioscolutions, a US-based biomedical spinout from University of Alabama at Birmingham (UAB), has secured $2m in a seed round backed by assorted angel investors, according to the Birmingham Business Journal. CNine is developing a test that can determine whether a patient’s meningitis is caused by bacterial or viral infections. Bacterial meningitis is generally much more serious than viral meningitis and requires immediate intervention. Current tests produce 10% to 30% false positives and lab tests often require hospital visits, making them more expensive. CNine was co-founded in 2013 by Scott Barnum, a retired microbiology professor, and Theresa Schein, then a fellow at UAB.
ReviveMed Technologies, a US-based artificial intelligence-powered drug discovery platform spun out from Massachusetts Institute of Technology, has closed a $1.5m seed round led by Rivas Capital, with participation from TechU, Team Builder Ventures, and WorldQuant Ventures. Carlos Gonzalez, founder of Rivas, will join the board of directors. ReviveMed uses artificial intelligence technology to speed up the discovery of drug candidates and identify which patients stand to benefit most from a certain treatment. The spinout will initial focus on metabolic diseases and more specifically on non-alcohol fatty liver disease.
The Stanford-StartX Fund, the Stanford University-backed investment vehicle, has contributed to a $1.3m seed round for Babierge, a US-based marketplace operator for baby gear rentals. The round also featured Startup Capital Ventures, Quake Capital, Rostrum Capital and the GWC Innovator Fund. The platform currently counts more than 200 providers, with Babierge aiming to grow that figure to 500 by the end of the year. The company has now raised $1.7m in funding, according to VentureBeat, though details about the earlier funding could not be ascertained.
Datanomix, a US-based data analytics technology provider, has raised $1m in a seed round backed by the Worcester Polytechnic Institute Accelerator Fund, the early-stage investment vehicle of Worcester Polytechnic Institute. The round also included ill Works Fund, 10X Ventures, Alumni Venture Group, Wasabi Ventures and assorted angel investors. Datanomix has developed a platform that helps mid-market manufacturing companies that may lack the necessary technical expertise exploit industrial internet of things technologies. The funding will drive the next stage of product development and support a wider market launch.
The CSIRO Innovation Fund, managed by Main Sequence Ventures, has invested A$1m ($760,000) in Coviu, an Australia-based virtual medical consultations platform spun out from federal research institute Commonwealth Scientific and Industrial Research Organisation (CSIRO), according to the Financial Review. Coviu has created software-as-a-service platform that runs in a web browser and enables patients to seek medical advice from a doctor without the need to download a separate application. The spinout was founded by Silvia Pfeiffer, who helped develop the Web Real Time Communication (WebRTC) protocol, the internet standard for peer-to-peer audio and video communication in the browser.
Irresistible Materials (IM), a UK-based semiconductor technology spinout from University of Birmingham, has obtained £200,000 ($280,000) in funding from investment firm Mercia Fund Managers and a range of US-based angel investors, according to UKTN. IM has developed a material that incorporates small molecules and is used to coat silicon chips before circuits are etched into them. IM’s technology is expected to result in smaller and lighter devices in time for the electronics industry’s timeline of introducing extreme ultraviolet lithography by 2019. The money will go towards the development of the material as well as the development of a carbon hard mask material. IM previously raised $400,000 in 2014 from Innovate UK and assorted angel investors, following a $400,000 commitment from Mercia Fund Management and private backers in 2013.
Qkine, a UK-based protein manufacturing spinout from University of Cambridge, has closed a seed round of undisclosed size backed by Cambridge Enterprise, the institution’s tech transfer office, and assorted angel investors, according to Cambridge Network. Founded in 2016, Qkine aims to manufacture bioactive proteins that have applications in regenerative medicine and stem cell research. The spinout is currently located within the Department of Biochemistry at Cambridge.