NOWDiagnostics Gains $22.5 Million in Series B Funding

NOWDiagnostics, Inc. (NOWDx), a developer of over-the-counter (OTC) and point-of-care (POC) diagnostic tests, has raised $22.5 million in Series B financing. Funding was led by DigitalDx Ventures, with notable investors including the Labcorp Venture Fund and Kompass Kapital Management.

 

Funding will be used to drive the commercialization of at-home diagnostic tests, continue developing new diagnostic innovations, expand the pipeline of tests, and support strategic hiring initiatives.

 

“We are thrilled to have the strong support of our investor group, which spans both new and returning participants,” said Rob Weigle, CEO of NOWDx. “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most crucial tools in preventing the spread of infection and ensuring the well-being of public health. We are committed to making accurate, easy-to-use, and affordable at-home tests available to all.”

 

The company has over 75 patents issued and pending. NOWDx’s approach allows virtually any immunological assay to be accurately performed in one step using a small amount of capillary blood, yielding results in minutes. Platforms also include saliva and plasma test technologies, enabling next-generation rapid testing at home without needing a blood draw or throat swab. 

 

The company’s First To Know Syphilis OTC test is undergoing De Novo review by the U.S. Food and Drug Administration (FDA). First To Know has the potential to be the first and only rapid syphilis test in the U.S. that provides an at-home result in minutes. 

 

In addition to syphilis, NOWDx has over 30 diagnostic tests in the clinical research pipeline that have the potential to provide accurate results in minutes.

 

“This investment in NOWDx underscores our confidence in their visionary leadership and commitment to providing diagnostic innovations that could save lives,” said Seth Auld, Vice President of Portfolio Management & Investment Originations at Kompass Kapital Management. “The importance of at-home testing cannot be overstated, as it enhances access to essential personal health information quickly to make more informed decisions for one’s health. We look forward to witnessing the impact of their pioneering technology on health outcomes and the subsequent impact this technology will enable.”