Cambridge Innovation Capital has backed a round sized at up to $50m for disease testing kit producer Sense Biodetection, which has now raised more than $64m altogether.
UK-based infection diagnostics kit producer Sense Biodetection has secured up to $50m in commitments from investors including Cambridge Innovation Capital, the venture capital investor focused on the Cambridge, UK ecosystem.
The round includes £900,000 ($1.2m) from commercialisation firm Mercia Asset Management and further participation from KDT Sense Holdings, Earlybird Health and private investors including Jonathan Milner.
Founded in 2014, Sense Bio supplies medical centres with diagnostic tests intended to match the efficacy of laboratory assays within handheld form factors akin to those traditionally marketed to consumers.
The technology exploits molecular analytics as a less costly alternative to polymerase chain reactions, a biological process where scientists replicate DNA samples billions of times to uncover details linked to diseases.
Sense Bio’s portfolio includes a disposable nasal swab for covid-19 billed as capable of providing results in under 10 minutes that is being developed under a fast-track research programme. Mercia owns a 1.2% direct diluted stake in the company following the round and a further 9.1% through its third-party funds.
Mercia had co-led a £500,000 ($720,000) round for Sense Bio in 2016 together with angel investors including affiliates of Angels in MedCity and Oxford Investment Opportunity Network.
The 2016 round was followed by a $13.6m series A round in October 2019 that was co-led by CIC and Earlybird that included Mercia and Milner.
