Seed24 February 2021

Linear Diagnostics secures £800k in its second funding round from Midven and other investors to advance diagnostic hardware.

The funding round was backed by the Midlands Engine Investment Fund and matched by the UK Future Fund.

£800KSeed

Linear Diagnostics is a Birmingham-based university spin-out developing high-speed diagnostic platforms for point of care testing. Its technology utilises polarised light to detect molecules and identify multiple infections rapidly.

Linear Diagnostics has secured £800k in its second funding round to support the development of its hardware platform and point of care diagnostics technology. The financing was provided by the Midlands Engine Investment Fund alongside existing backers, with matched funding from the UK Future Fund.

The capital will allow the company to advance its rapid testing platform, which currently focuses on sexually transmitted infections such as chlamydia and gonorrhoea. Leadership notes the funds will be directed towards creating a prototype single use cartridge and reader for duplex testing.

This investment follows previous backing from regional funds and university enterprise programmes. The company aims to provide efficient on-the-spot diagnoses that can deliver results in approximately 15 minutes.

From the founder

"We are very grateful to our existing investors for their continued support and to the UK Future Fund for providing matched funding. The funds received will enable Linear Diagnostics to develop a prototype single use cartridge and reader for our duplex test for chlamydia and gonorrhoea."

Brendan Farrell

Chairman & CEO at Linear Diagnostics

Investor perspective

"The requirement for rapid and accurate point of care diagnostics has been brought into sharp focus by the COVID-19 pandemic. There are many other disease areas that could equally benefit from this approach and Linear Diagnostics is making excellent progress with the development of its testing platform. This funding round will enable the company to continue its good work at pace."

Roger Wood

Director, Midven