Developer of rapid AST (antimicrobial susceptibility testing) technology iFAST Diagnostics, has announced it has successfully closed a £5 million funding round.
The round was led by Meridian Health Ventures (MHV), with continued participation from almost all existing subscribers including QantX, RAW Ventures, and OKG Capital, plus members of Cambridge Capital Group, together with £2.1 million of non-dilutive loan funding from Innovate UK.
This latest capital injection for iFAST Diagnostics will be used to expand its rollout in the UK, secure EU approval, and also accelerate clinical and regulatory programme for US regulatory approval through the FDA. The over-subscribed round values the company at almost five times more than the previous funding just 18 months ago, and brings the total investment to date to £12 million.
The iFAST ONE ultra-rapid Antimicrobial Susceptibility Test (AST) system received UKCA Certification earlier this year. The iFAST system can deliver high-throughput AST results to clinicians direct from Gram-negative bacteria blood cultures in under three hours, at costs comparable to the current standard of care, but up to two days faster. This enables clinicians to determine and prescribe the optimal antibiotic to the sickest patients, all within a single working shift.
Dr Toby King, iFAST CEO said: “We are hugely grateful and motivated by the continued enthusiasm and confidence from our investors to support our mission to meet the urgent global need for rapid, low-cost antimicrobial susceptibility testing. This investment is hugely significant as it allows us to continue our go-to-market strategy at pace, only three years after founding the company.”