miDiagnostics, a spin-off from imec that uses silicon-based chip technology to bring compact, fast, user-friendly and reliable tests directly to patients and doctors, end of March announced an investment round of 14 million euros. The technology allows rapid test results to be obtained for acute, chronic and epidemic diseases, such as for future pandemics. The investment was made possible by the existing shareholders and by leading life sciences and tech investors, Rudi Pauwels and Urbain Vandeurzen.
With these resources, miDiagostics will be able to accelerate development and prepare for the large-scale production of its nanofluidic processor-on-chip, a unique technology that allows a rapid, comprehensive and relatively inexpensive analysis of a wide range of health conditions. miDiagnostics’ solution has potential in a variety of applications, including: home monitoring of chronic patients; rapid screening by physicians or in remote health centers in developing countries; large-scale diagnosis during pandemics. Founders of miDiagnostics technology are imec, a leading research and innovation hub in nanoelectronics and digital technology, and Johns Hopkins University, a leading US research and medical center.
Rudi Pauwels and Urbain Vandeurzen joins the existing investors and successful serial entrepreneurs Marc Coucke (Alychlo) and Michel Akkermans (Pamica), the PMV (Flanders Participation Company), and imec and Johns Hopkins University (JHU) – the founders of miDiagnostics technology.
Nicolas Vergauwe, Chief Executive Officer of miDiagnostics: ‘The continued commitment of our founders, imec and JHU, to our existing shareholders, along with the recent endorsement by two highly successful serial entrepreneurs, strengthens our confidence in the future of miDiagnostics. Like us, they are convinced that miDiagnostics can thoroughly reform the industry by making diagnostics as accessible as digital information on a smartphone. Together with the recent advancements in the development of our technology and bringing on board the right expertise to make this a commercial success, we now have everything we need to make rapid progress.’
‘Since joining miDiagnostics’ Board of Directors in 2018, I have been impressed by the rapid technical advancement of its proprietary nanofluidic processor-on-chip, and its potential to revolutionize the global diagnostics market’, said Dr. Rudi Pauwels, President of miDiagnostics . ‘I have therefore actively collaborated with the excellent team of miDiagnostics to accelerate its commercialization.’
Urbain Vandeurzen, Chairman of VMF Invest: ‘Thanks to its unique chip technology, miDiagnostics has everything to become an important international player in screening, diagnostics and monitoring. Its user-friendly and relatively inexpensive testing will revolutionize the possibilities of point-of-care testing. After all, they will enable patient testing, which can lead to a faster intervention. The efforts made to contain the coronavirus demonstrate once again how much we need a technology that can quickly provide answers to doctors and patients. We believe that the strong management team at miDiagnostics is a unique technology with this funding to market, delivering a reliable test to physicians and patients that can be used outside the hospital environment. ”
Luc Van den hove, imec’s CEO and General Manager, adds: ‘We welcome this round of financing and are enthusiastic about the commitment of Urbain, Rudi and the current shareholders. I am convinced that the unique nanofluidic processor that is the foundation of miDiagnostics solution can fundamentally change the diagnostic industry. ‘