Group K Diagnostics Raises $2 Million in Series A Funding
PHILADELPHIA, Nov. 5, 2018 /PRNewswire/ -- Group K Diagnostics, a healthcare innovator revolutionizing patient care with accurate, fast and affordable diagnoses, announced today it has secured $2 million in Series A funding. The announcement comes on the heels of the company's $425,000 Angel round, disclosed in September of this year.
The funding achieved to date has been used to expand GKD's laboratory infrastructure, with new hires made for lab technicians. "The growth and expansion enabled by this investment brings our team closer to making our mission a reality – providing reliable, affordable test results to patients, and giving providers the opportunity to take immediate therapeutic action based on those results," said Brianna Wronko, CEO of Group K Diagnostics. "We are looking to the future of both our company and the industry, and expect this funding will open many doors for us."
The funding and due diligence process for the Series A round was overseen by Chief Operating Officer Joe Geromini, Chief Strategy Officer Emilia Lopez-Ona and Wronko, who is also overseeing GKD's laboratory infrastructure expansion and improving efficiencies company-wide. Geromini is also managing internal operations, which have realized a 15% expense reduction even amid the company's rapid growth.
"The operations efficiencies our team has been able to achieve will ensure that every penny of this funding will be used in a meaningful, productive manner that helps to bring our technology closer to fruition," said Geromini. "We believe the diagnostics tool we intend to bring to market will help to shift the healthcare system from a largely responsive care model to preventative – and we're grateful to the investors who are helping to make that a reality."
"With this announcement, we are continuing the expansion of our lab facilities, a critical component to the ongoing evaluation of our current clinical trial for liver-function testing," said Russ Van Fossen, Senior Lab Technician at GKD. "This round of funding will also support the work our team needs to complete to obtain 510(k) clearance from the Food and Drug Administration."
The company's Series A round closed October 31, 2018. Moving into 2019, Group K Diagnostics plans to begin clinical trials for a comprehensive metabolic panel.
About Group K Diagnostics
Group K Diagnostics is revolutionizing patient care with accurate, fast and affordable diagnoses. GKD's microfluidic point-of-care device, called the MultiDiagnostic, provides test results in 20 minutes, allowing patients to have direct access to their medical results and enabling doctors to adjust medical treatments in a timely manner. The device has the potential to drastically improve quality of patient care. CEO Brianna Wronko founded the Philadelphia-based company in 2016.
Since its invention, GKD's innovation has generated praise in the healthcare and technology industries. GKD was named 2017 Best of the Best by MABA and Most Innovative Company of the 2017 Heart Science Forum. Wronko has also received recognition as the 2018 Spring PACT TiE Top Pitch Event Winner, winner of the technology category of the 2018 Stellar Startup awards, and the recipient of various other grants and awards.
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SOURCE Group K Diagnostics, Inc