Qvella, a Toronto, CA-based molecular diagnostics company, closed US$20m Series B financing.
The round was co-led by existing investor RA Capital, Whitecap Venture Partners, Hatteras Ventures, and Sands Capital – and new strategic investor bioMérieux. Concurrent with the bioMérieux investment in Qvella, Frédéric Sweeney, PhD, VP of Corporate Business Development and Strategic Financing Lead at bioMérieux, will join Qvella’s Board of Directors.
The company intends to use the funds to conduct clinical trials, to support on-going research and development, and to facilitate team expansion and manufacturing scale-up.
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 via technology for pathogen detection, which enables direct sampling of bodily fluids without the need for culturing or time-consuming sample processing.
The company’s 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.