Financing will support Sense’s development of instrument-free molecular diagnostics aimed at true point-of-care testing
Financing will support Sense’s development of instrument-free molecular diagnostics aimed at true point-of-care testing
29 October 2019
Cambridge Innovation Capital (CIC), the venture capital investor enabling visionaries to build global, category-leading companies in the Cambridge ecosystem, has co-led the £12.3 million Series A funding round raised by Sense Biodetection alongside Earlybird. Sense is developing a portfolio of instrument-free, point-of-care molecular diagnostic tests, a pioneering new class of diagnostic product.
Sense plans to invest the new funds in the development and manufacture of a range of tests utilising its novel and proprietary rapid molecular amplification technology, targeting in the first instance infectious disease applications such as influenza (flu).
Instrument-free molecular diagnostics represent the ultimate flexible test format as the tests could be deployed in any setting and by a wide range of potential users. This has the potential to be transformational for the diagnostic industry, delivering for the first time, true point-of-care testing in a market-successful, single-use product format, allowing diagnostic tests to be readily adopted by new users and scaled to meet demand.
Mike Anstey, Partner of CIC, said: “We’re delighted to co-lead Sense’s Series A financing, enabling this ambitious company to develop its pipeline of transformational products. CIC’s investment strategy is to build high-growth companies with differentiated, innovative technology within the Cambridge ecosystem, and Sense is a great example of this.”
Harry Lamble, Chief Executive Officer of Sense Biodetection, added: “We are delighted to secure the funding necessary to conduct the formal development of our first products. With the support of an exceptional new investment syndicate, Sense is positioned to become first-in-class and best-in-class in the exciting field of instrument-free molecular diagnostics and to realise our vision to transform healthcare through decentralisation.”
About Cambridge Innovation Capital plc
Cambridge Innovation Capital (CIC) is a venture capital investor focused on intellectual property rich technology and life science businesses in the Cambridge ecosystem. CIC is committed to building leading businesses from brilliant technologies. It combines a unique relationship with the University of Cambridge with deep financial and industry links to enable visionaries to build global, category-leading companies.
For more information please visit www.cicplc.co.uk or follow us on Twitter at @CIC_vc
Cambridge Innovation Capital Manager Limited (FRN: 913528) is an appointed representative of Duff & Phelps Securities Limited (FRN: 466588) which is authorised and regulated by the Financial Conduct Authority.
About Sense
Sense Biodetection Limited is a molecular diagnostics company focused on bringing tests to the True Point-of-CareTM. Sense was founded in 2014 by Harry Lamble and Ralph Lamble, who combined their respective expertise in molecular sciences and medical device design to realise their vision of empowering patients through decentralised testing. Sense is developing a new class of diagnostic product to break down the barriers that have led to the current model of centralised testing. Sense products are simple, ultra-rapid, handheld tests which remove the need for advanced hardware to determine a result. Sense operates from bespoke laboratory, development and manufacturing facilities in Cambridge and Oxford, UK and is growing rapidly as it seeks to take its first product to market.
For more information please contact:
Cambridge Innovation Capital
Robert Tansley, Partner
Michelle Lamprecht, Head of Marketing
+44 (0)1223 764875
Consilium Strategic Communications (International PR)
Mary-Jane Elliott
Sukaina Virji
Lindsey Neville
+44 (0)20 3709 5700
CIC@consilium-comms.com
www.consilium-comms.com
