The round was supported by existing shareholders as well as Dr. Rudi Pauwels and Dr. Ir. Urbain Vandeurzen.
The funds will be used to accelerate the development of miDiagnostics’ proprietary nanofluidic processor on a chip, and to prepare it for industrial-scale manufacturing.
miDiagnostics’ unique technology will enable a fast, comprehensive and cost-effective analysis of a wide range of health conditions. The technology has potential in multiple settings:
- Monitoring chronic patients at home;
- Fast screening for physicians or remote health centers in developing countries;
- Widespread monitoring during pandemics
miDiagnostics is currently working with NASA to evaluate its technology under simulated zero-gravity conditions.
“The continued commitment of our founding partners imec and JHU, our existing shareholders and this latest endorsement by two highly successful serial entrepreneurs further strengthen our confidence in the future of miDiagnostics," said Nicolas Vergauwe, CEO of miDiagnostics. "They share our view that miDiagnostics has the potential to disrupt and transform the industry by making diagnostic information as readily accessible as digital information on a smartphone. Together with the recent progress in advancing our technology and bringing in the right expertise on board to deliver commercial success, we are well placed to make rapid progress.”
“Since joining the Board of Directors in 2018, I’ve been impressed by the rapid technical progress of miDiagnostics’ proprietary nano-fluidic processor on a chip and its real disruptive potential in the global diagnostics market," said Dr. Pauwels, chairman of miDiagnostics.
“Thanks to its unique silicon chip technology, miDiagnostics has the potential to become a significant international player in screening, diagnosis and monitoring," said Urbain Vandeurzen, chairman of VMF Invest. "Its easy-to-use and cost-efficient tests will revolutionize point-of-care testing by directly engaging with patients and enabling speedy intervention."
“As we’ve seen with efforts to contain the coronavirus, the need for technology that can provide rapid answers to clinicians and patients is becoming ever more critical. We believe that with further financing and support from investors, the strong management team at miDiagnostics is well positioned to take its unique technology to the market, offering clinicians and patients reliable, lab-quality tests outside the hospital setting.”