QuantuMDx Group raises £11m Series B from the British Business Bank to scale manufacturing
The company secured an £11m convertible loan to scale manufacturing and commercial operations for its point-of-care diagnostic system.
QuantuMDx develops molecular point of care diagnostic solutions designed to empower disease control and pathogen identification. The company operates globally with strategic partnerships across multiple continents.
QuantuMDx Group has secured £11m in a new funding round structured as a convertible loan. The financing features participation from the Future Fund, a government scheme delivered through the British Business Bank, alongside contributions from longstanding private backers.
The proceeds will be directed towards completing manufacturing scale-up and commercial rollout for Q-POC, the company's rapid molecular diagnostic system. The platform detects the virus causing COVID-19 and delivers results in approximately 30 minutes.
This capital injection arrives following a period of operational development for the Newcastle firm, which has seen its technology prepared for broader commercial release. The latest funds add to a series of financial milestones achieved by the company since the beginning of the previous year.
Use of funds
- 01Scale operations
