UK biotech iFAST Diagnostics has closed a £5 million funding round. iFAST is addressing the $4 billion (and growing) Antimicrobial Susceptibility Testing (AST) market.
It has developed a test delivering results in under three hours from a positive blood bottle or 3 to 4 hours from a raw urine sample, saving lives and reducing the spread of antimicrobial resistance..
The round was led by Meridian Health Ventures (MHV), with continued participation from almost all existing subscribers, including QantX, RAW Ventures, and OKG Capital, as well as members of Cambridge Capital Group, and included £2.1 million of non-dilutive loan funding from Innovate UK.
The over-subscribed round values the company at almost 5 times more than the previous funding just 18 months ago and brings the total investment to date to £12 million.
Tim Irish, General Partner at Meridian Health Ventures, said:
