Belgian startup UgenTec has raised an additional €2.15 million from its existing investors, supplemented by a loan from BNP Paribas. Investors include Annie Vereecken (MedHold), Herman Verrelst (Cartagena) and KULeuven.
The Limburg-based start up has developed software using artificial intelligence that can interpret molecular test results. UgenTec's software, called FastFinder, is used in PCR (Polymerase Chain Reaction) testing. It automates time-consuming and difficult parts of the process so that results are standardized and no longer prone to subjectivity.
It will use the financing to boost its international sales. The company says it has already closed 10 major contracts in recent months with large diagnostic laboratories and major players in the development of molecular diagnostic tests.
Read more (in Dutch): DataNews