Belgian medtech startup UgenTec has raised €7.5 million from investment firm LRM, IMEC, KU Leuven Gemma Frisius Fund, KU Leuven, and biotech investors Annie Vereecken and Herman Verrelst.
The startup develops software using AI, called FastFinder, for analysing polymerase chain reaction, a common method of analysing DNA for infectious diseases and in oncology. According to the company, this method reduces human error for more accurate results.
“Over the last several years, the diagnostic industry has made significant leaps in the development of laboratory robotics, better chemistry and reagents to innovate the sector,” said COO Tom Martens. “There are still considerable gaps, however, in correspondingly advanced software that enables this hardware to create productivity gains. These gaps are key to the traction FastFinder is already receiving.”
UgenTec has partnered up with molecular diagnostic companies R-Biopharm, Fast Track Diagnostics (a Siemens Healthineers company) and MDxHealth.
“We have achieved considerable growth in partnering with diagnostic companies and laboratories to automate and standardize their diagnostic workflows,” said CEO Steven Verhoeven.
The new funds will be invested in US expansion by opening an office there as well as expanding into sectors like food safety and quality, agriculture and animal health.
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