Goa-based Molbio Diagnostics Raises $85 Million In Funding
Molbio Diagnostics, a Goa-based firm that provides solutions for universal access to high-quality healthcare, has announced that Temasek invested $85 million in the company alongside existing investor Motilal Oswal Alternates.
As per the firm, the raised funds will be utilised to develop and commercialise a host of near-care technologies based on clinical need gaps. The funding will also help the company in fast-tracking its efforts to take the Truenat platform to global markets.
Molbio Diagnostics | Molecular Diagnosis At The Point Of Care
Molbio Diagnostics is enabling better medicine through precise, rapid, cost-effective molecular diagnosis at the Point of Care.
It is known for its Truenat technology—a point-of-care, portable, battery-operated real-time PCR platform that makes Real-Time PCR testing simple and possible in all laboratories, in the field and in near-patient settings.
Speaking about the development, Sriram Natarajan, Director and CEO of Molbio Diagnostics, said,
“We are delighted to have Temasek on board. The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges.”
As per the firm, the technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, rapid, and accurate diagnosis of infectious diseases, aiding in timely and appropriate treatment. It can test for over 40 diseases in addition to TB, including HIV, HPV, COVID-19, hepatitis, and vector-borne diseases like chikungunya, dengue, and malaria.
The firm claims to be the world’s first point-of-care molecular diagnostic platform to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of tuberculosis.
Commenting on the development, Rohit Mantri, Director at Motilal Oswal Alternates, said,
“We take pride in the fact that we associated with Molbio just a few months prior to COVID-19 when the requirement of capital was extremely critical, and something that led to Molbio playing a very important role in ramping up the testing infrastructure in India.”
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