Bio-Tech startup Atomo Diagnostics raises $ 4.5 Million!

Atomo Diagnostics raises $ 4.5 Million!
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Atomo Diagnostics, a Bio-Tech Startup based out of Sydney, Australia has raised $ 4.5 Million in the latest round of funding with majority of amount coming from Global Health Investment Fund (GHIF) and Allan Moss (former MD and CEO of Macquarie Group).

Atomo Diagnostics founded in 2010 has been a medical device innovator with specialization in medical device design and OEM.  The company was started with the idea to address the issues with Rapid Diagnostic Test (RDT) kits. The way Atomo has designed their RDTs had made it possible for use in multiple scenarios which includes patient’s home, clinics, pharmacies etc.

The current funding is a follow-up on $6 million earlier raised in January this year from GHIF. With this latest round of funding, GHIF has secured 8.4% equity stake in company which has got them seat in the Atomo’s board. GHIF’s Managing Director Dr. Curt LaBelle will soon be joining Atomo’s board.

GHIF is the investment fund structured by JP Morgan Chase and Bill & Melinda Gates Foundation and is also supported by Grand Challenges Canada, German Ministry for Economic Cooperation and Development,
Swedish International Development Cooperation Agency and the Children’s Investment Fund Foundation. They majorly concentrate on development of vaccines, drugs and Diagnostics etc.

As mentioned on the website of Atomo, following are the updates and comments from GHIF, Allan Moss and Atomo:

Dr. LaBelle said “Our fund is pleased to provide additional support to Atomo Diagnostics through this equity investment. Atomo has developed a unique platform enabling quick, accurate and affordable point-of-care and consumer diagnostics. These solutions reduce error rates and improve care and have significant commercial potential in both the developing world and in developed healthcare markets”.

Mr. Moss said, “Atomo has developed a remarkably user-friendly and accurate testing device which has the potential to assist greatly in detecting HIV and other diseases in Africa and globally.”

Atomo Diagnostics Chairman John Keith said “We are delighted GHIF is now a shareholder. We welcome them to the Board and look forward to working to further expand Atomo’s presence in the global health market.”

Atomo with latest valuation at $ 30 million currently are one of the leaders in the disruptive technology in medical field which can assist other medical/pharmaceutical companies along with developing their own RDTs.

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