Sense Biodetection (Sense) has announced that it has raised a $50m Series B investment to advance commercialisation of its Veros™ COVID-19 product and continue development of a portfolio of instrument-free, rapid molecular tests that enable improved access, outcomes, and value through patient-focused decentralised healthcare.
The Veros™ platform introduces a novel and proprietary rapid molecular amplification technology to detect several deadly and costly diseases. The Series B round was led by Koch Disruptive Technologies (KDT) – a subsidiary of Koch Industries, Inc.
Harry Lamble, CEO of Sense, said: “This Series B round is crucial in providing us with the resources to grow our Veros platform to revolutionise decentralised point-of-care testing; and it is particularly important as we commercialise our Veros COVID-19 test, which delivers laboratory quality results directly to users within minutes, without an instrument. This will be an essential tool in the effective management of outbreaks of this and other diseases.
“Partnering with KDT provides us the support we need to deliver on our ambitious plans to quickly scale manufacturing and commercialise the Veros platform and launch a whole pipeline of testing products, beginning with the Veros COVID-19 test.”
Sense’s Veros product platform ushers in a pioneering new class of molecular diagnostic test that brings the performance of central laboratory PCR testing into a rapid, easy-to-use, disposable format. Unconstrained by an instrument or reader, Veros products can be utilised beyond traditional healthcare settings, enabling better access, outcomes, and value for patients and providers.
Chase Koch, President of Koch Disruptive Technologies, said: “KDT sees huge potential for Sense’s Veros platform to transform the way medical providers and patients approach healthcare, empowering more choice, increased access, and better quality of care.
“Sense’s vision to decentralise the healthcare system, through its flexible point-of-care testing capabilities for a variety of diseases, presents a foundational shift in an industry ripe for disruption.
“Sense’s talented team and its innovative Veros platform are changing the way we manage healthcare and infectious diseases, and we expect even greater applications of their technology as they continue to grow.”
The Series B investment also included participation from Sense’s existing investors – Cambridge Innovation Capital, Earlybird Health, Jonathan Milner and Mercia Asset Management.
Sense Biodetection is a global molecular diagnostics company focused on developing easy-to-use, rapid, disposable molecular tests that provide lab-quality results without the constraints of an instrument. The company’s Veros™ product platform will enable widespread testing to enhance patient access, improve population health and lower systemic costs.
Koch Disruptive Technologies (KDT) is a unique investment firm that provides a flexible, multi-stage investment approach in both traditional venture and growth stages. It is a subsidiary of Koch Industries, one of the largest privately-held companies globally with $115 billion in revenue and operating in more than 70 countries.