UgenTec, a Hasselt, Belgium-based medical technology company that has developed an AI-driven polymerase chain reaction (PCR) analysis and workflow software, closed a $9.3m (€7.5m) funding round.
The round was raised by existing shareholders Annie Vereecken and Herman Verrelst, IMEC, Gemma Frisius Fund and KU Leuven, the management, and investment firm LRM.
The company will use the funds to consolidate its position in clinical diagnostics, setting up a US office and expanding to new markets.
Led by Steven Verhoeven, CEO, and Tom Martens, CCO, UgenTec automates and standardizes high-throughput molecular diagnostics, particularly PCR analysis, a widely-adopted method for analyzing DNA. It has enabled molecular laboratories to test DNA samples for a wide field of applications including infectious disease and oncology. The company’s software FastFinder reduces workload for lab technicians and improves the reliability of results by introducing reproducible artificial intelligence.
In recent months, UgenTec has launched partnerships with molecular diagnostic companies such as R-Biopharm, Fast Track Diagnostics (a Siemens Healthineers company) and MDxHealth.
The company is currently hiring in over 14 positions, ranging from core product development to sales and marketing.