The company raised the investment, which included participation from the LBA EIS Roundtable Syndicate Fund 2016 and the London Co-Investment Fund (LCIF), to develop its product and expand into other markets across Europe.
The usual process of sending patients or a blood sample to a lab is slow, meaning diagnosis and treatment is delayed, and as a result EU health systems waste over £3bn a year. Jupiter Diagnostics’ patented technology can replace the lab, delivering results in 10 minutes, at a third of the price.
This new round of funding will enable the company to set up an assay production lab and deliver their first sales in Europe in mid-2017. They also seek to add more tests to allow expansion into other markets, such as gynaecology and cardiology.
Angels in MedCity, a partnership between MedCity, LBA and Angels4LifeSciences, was set up in October 2014 and has helped companies to raise over £12m so far.
Chris Ball, Jupiter Diagnostics CEO, said by combining two proprietary chemistries, it has been able to reduce significantly the cost and complexity of blood testing, while delivering similar performance to the laboratory across a broad range of tests.
“Having worked as a doctor, I have first-hand experience of the delays in obtaining blood test results and the impact on patient care,” said Dr Ball.
“Bringing these technologies together will allow us to provide rapid access to accurate blood testing outside hospital which could transform the delivery of healthcare.”
Dr Ball added that current demands on the health systems meant his company’s new approach will allow routine blood testing to be carried out in doctors’ surgeries, pharmacies or even at home and so lead to faster diagnosis, earlier treatment of diseases and cost-savings.
Puneet Raj Bhatia, Fund Manager at the LCIF, commented, “LCIF is glad to support Jupiter Diagnostics in its quest to develop rapid, point of care, cost effective blood testing solutions. The need for such solutions is well established and the unique combination of technologies at Jupiter are well placed to address this demand in the healthcare sector in the UK and worlwide.”
Sarah Haywood, CEO of MedCity, said, “I’m delighted to see another company access the substantial funding they need to get to the next stage of growth. Jupiter Diagnostics’ reader could transform the future of blood testing and there is huge potential to expand this product worldwide.”
“Angels in MedCity was created to unlock funding for promising, investment-ready companies and give early-stage investors the opportunity to access them. The golden triangle is a world leader in medical innovation, but ensuring that companies can source funding to expand is crucial to our economy.”
Anthony Clarke, LBA CEO, commented, “Jupiter Diagnostic is developing a diagnostic technology, based on proprietary and patented IP, which has the potential to disrupt the blood diagnostics market. As part of this significant funding round, I am particularly pleased that an experienced medtech executive has joined the company’s board and will be able to add significant value going forwards.”
Notes to Editors:
For more information on Angels in MedCity, please see angelsinmedcity.org.uk
For more information on LBA, please see lbangels.co.uk