Braga-Portugal-based medtech Criam has raised $2.1 million in seed funding in order to further the development of its in-situ blood test analysis technology. The startup produces a patented portable in vitro diagnostic device that provides rapid analysis for blood-type, sub-type, diseases, and nutrients.
Having already performed successful clinical trials with Hospital Corporation of America (HCA) in the US, Hospital Santa Maria and Hospital de Braga (Portugal), and Birmingham Bio-Hub in the UK, Criam demonstrated a 99.77% accuracy rate for blood typing, and the company expects to receive regulatory approval in early 2023.
"The lack of affordable and portable equipment for blood testing makes transfusions difficult in emergency scenarios, and results in dependency on O negative blood supply," said Criam CEO Vitor Crespo.
And yes, let’s all address the elephant in the room, Criam is currently allocating a portion of its R&D efforts to infectious diseases detection, namely that of COVID19 and malaria serological tests.
"Criam's solution is a game-changer for critical situations, and shows strong potential for the detection of various diseases and pandemics, which could unlock yet another gigantic market," concludes SOSV’s Cyril Ebersweiler.