The company's rapid antimicrobial susceptibility testing platform can deliver results in under three hours, helping hospitals reduce treatment delays and curb the spread of drug-resistant infections.
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:
“We are exceptionally proud to be partnered with iFAST Diagnostics. Their breakthrough technology has the potential to transform clinical practice, improve patient outcomes, and significantly slow the spread of Antimicrobial Resistance (AMR). AMR is one of the defining public health challenges of our generation – and iFAST is taking that challenge head-on with a cost-effective solution already being placed in UK hospital laboratories.
The iFAST rapid AST system is a game-changing innovation, delivering susceptibility testing in less than 3 hours, significantly faster than the current standard process which takes more than 40 hours.”
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.”
The funding will be used to expand the UK rollout, secure EU approval, and accelerate our clinical and regulatory programme for the company’s US regulatory approval through the FDA.