TestCard, a UK-based MedTech company, raised USD10M in funding.
The latest round of fundraising was secured via corporate finance firm, West Hill Capital.
The company intends to use the funds to further commercialize its existing product suite whilst also launching new products such as diabetes, pregnancy, CKD and flu testing, and continue to invest in its technology underpinned by its IP portfolio.
Led by CEO Chris Craig-Wood, TestCard has developed a healthcare technology platform that increases the accessibility and diagnostic capability of non-invasive testing. The company’s key technology turns a typical smartphone into a clinical-grade scanner, allowing it to accurately read and interpret the results of rapid diagnostic medical tests, such as lateral flows and colorimetric dipsticks, making testing more accessible for consumers and transforming workflows in clinical settings.
In 2021, TestCard secured extensive retail partnerships for its first product, a UTI test and treat service, with Superdrug Online Doctor, Weldricks, Chemist4U, Zava, Numark, Alphega and Amazon. In Q1 2022, it launched in Rowlands and Lloyds Online Doctor.
The company also launched its integrated Covid-19 antigen testing solution, ClearScreen, into the NHS, in partnership with Guy’s and St Thomas’ Foundation Trust (GSTT), reducing admin time for hospital staff and improving traceability. The app ensures safe and reliable Covid-19 antigen testing for patients, visitors and staff.
In addition, the company is looking to launch in the US in early 2023 and hence is currently working on obtaining FDA approval for its first product in the coming months.