Imperial Innovations Group, a technology commercialisation and investment company, led a £2m funding round in London-based Molecular Vision, a developer of quantitative point-of-care (POC) diagnostic devices.
Imperial Innovations committed £1.5m with Acrongenomics, another already existing shareholder, also participating in the round. This funding took the total amount of money raised by Molecular Vision to £3.2m.
According to an official statement, Molecular Vision, an Imperial College spin-out company, is developing low-cost disposable devices for medical testing “that will greatly extend the diagnostic tools available to the general practitioner. By enabling on-the-spot diagnosis, Molecular Vision’s technology could reduce the need for patients to make repeat visits, accelerate treatment, free up clinician time and lower treatment costs”.
Molecular Vision’s technology is believed to have a great potential in other markets such as veterinary medicine, forensic science, environmental monitoring and military applications.
The commitment follows 3 recent operations in other companies annunced in August: a £500,000 investment in Novacem, a £333,000 investment in Cortexica and a participation in a further funding round in Acrobot.