One BioMed, a Singapore-based medical diagnostics company, on Wednesday announced that it has closed a $5 million Series A financing round led by Singapore-based Biopath Ventures and US-based ARCH Venture Partners.
Enterprise Singapore’s investment arm, SEEDS Capital, also participated in the financing round.
One BioMed, which was spun out of Agency for Science, Technology, and Research (A*STAR) in 2016, has been developing a platform technology for diagnostics testing.
The company will use the funding to commercialise its first product, which is an automated sample preparation device for purification and isolation of nucleic acids using a wide variety of samples.
“Reaching this stage of product development would not have been possible without the extensive support from Singapore’s burgeoning science and technology ecosystem,” One BioMed chief executive and founder Mi Kyoung Park said in a statement.
The founding partners of Biopath Ventures, Joseph Jeong and Nick Roelofs, will join BioMed’s board of directors. Jeong has been investing in a wide range of deep technology sectors, including biotechnology, semiconductors, advanced displays, energy, and advanced materials.
Meanwhile, Roelofs has served as a director on the board of numerous companies, including venture capital-backed start-ups, private equity-backed companies and MNCs.
Biopath Ventures, founded in 2018, is a venture capital fund based in Singapore. it also has a presence in Cambridge, U.K., and Silicon Valley.
Meanwhile, ARCH Venture Partners, which headquartered in Chicago, is a global venture capital firm. Its portfolio companies include Illumina, Grail, Twist Bioscience, Quanterix, Juno and Alnylam.