Australia-based biotech firm SpeeDx on Tuesday announced that it has raised an additional $10 million funding from US-based venture capital firm Northpond Ventures, SpeeDx said in a statement.
The company, which has offices in London and the US, has previously secured $5 million in the first tranche of its Series A funding round in April this year. The company has secured a total investment of $15 million.
The proceeds will go towards accelerating its international business expansion and leverage the partnership with its global partners.
SpeeDx has been developing a molecular diagnostic test portfolio for infectious diseases. The startup provides identification and therapeutic guidance capabilities.
“We are working with key researchers and organizations around the globe with a shared goal of providing clinicians with the information and guidance they need to address the urgent issues related to antibiotic resistance and better management of infectious diseases,” SpeeDx chief executive Colin Denver said in a statement.
The company is now pushing for commercial scale-up to support its business into global markets. The company has been conducting a clinical study in the US which is near completion with submission to FDA before the end of this year.
Meanwhile, Northpond Ventures is a formative stage venture capital fund focused on the industry of science and technology. A Washington DC-based VC firm recently participated in a $25-million in a Series C funding round in Massachusetts-based biotech startup Ultivue.
Northpond also invested in US startups such as IsoPlexis, Scipher Medicine, and 908 Devices. The VC firm has made a total of 18 investments in startups across the globe.