Australian medtech startup Nutromics has raised USD 14 million in funding for the development of its wearable diagnostics platform.
The California and Melbourne-based company intends to use the funding to continue the research and development team expansion across Australia and the United States.
The funding round saw participation from several strategic investors, including Dexcom Ventures, VU Venture Partners, and Artesian Investments.
In a media statement, Nutromics said the funding demonstrates a resounding level of investor confidence in the potential of its proprietary technology, which will tackle some of healthcare’s most challenging conditions through continuous diagnostic monitoring.
Nutromics’ wearable diagnostic platform harnesses DNA tech to enable tracking for multiple targets in the human body using a single patch.
The DNA sensor will provide clinicians and patients with continuous and real-time diagnostics information ranging from hard-to-dose drugs, like vancomycin, to biological markers for conditions such as kidney disease.
The company said it looks forward to raising more funding in 2023 following in-vivo clinical studies.
“We are aiming to cause a paradigm shift in diagnostic healthcare by essentially developing a lab-on-a-patch. A lack of timely and continuous diagnostic insights can strongly impact outcomes when dealing with critical disease states,” said Peter Vranes, co-founder and CEO of Nutromics.
Founded in 2017, Nutromics has raised over USD 20 million to date for its groundbreaking wearable diagnostic platform.
