Australian biotech firm SpeeDx secures $10m from US-based Northpond Ventures

Photo by Louis Reed on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.