Qvella, a Toronto, Canada-based molecular diagnostics company, raised US$20m in Series A financing.
The round was co-led by RA Capital Management and Whitecap Venture Partners, with participation from Hatteras Venture Partners and Sands Capital Ventures as syndicate partners.
The company intends to use the funds to finance ongoing product development and team expansion.
Founded in 2009 by Tino Alavie, president and CEO, Qvella is a molecular diagnostics company that aims to reduce the time to results in the diagnosis of infections.
Its Field Activated Sample Treatment (FAST) technology uses a novel electrical lysing and sample treatment technique that enables the rapid detection of infectious agents in a direct blood sample.
Implemented in concert with Antibiotic Stewardship programs, now being adopted by most major medical centers, the technology aims to accelerate clinical decisions, improve patient outcomes, reduce hospital stays and treatment costs, as well as lower side effect profiles.