Toronto-based Qvella raises $25 million Series B to improve molecular diagnostics

healthtech

Toronto-based Qvella has raised a $25 million CAD Series B.

The molecular diagnostics company is developing technology that enables the rapid detection of infectious agents in a direct blood sample. When implemented in concert with Antibiotic Stewardship programs — now being adopted by most major medical centres — clinical decisions can be made in a more timely manner.

The funding round was co-led by Qvella’s existing investor syndicate, including RA Capital, Whitecap Venture Partners, Hatteras Ventures, and Sands Capital. bioMérieux, a company that delivers in vitro diagnoses, joined on as a strategic investor.

“This latest round of funding provides us with the capital to support the anticipated clinical trial of our first product for rapid detection of bloodstream infections directly from whole blood. It will also facilitate ongoing research and development and enable us to expand our team,” said Tino Alavie, president, CEO and co-founder of Qvella. “We have made a tremendous amount of progress since our last round of funding in 2015 and are grateful to our investors for their continued support of our vision of redefining rapid detection and subsequent treatment of septic patients.”

The company plans to use the funding for clinical trials, supporting ongoing research and development, and facilitating team expansion and manufacturing scale-up.

“This investment in Qvella highlights our commitment to addressing the growing threats of antimicrobial
resistance,” said Francois Lacoste, Corporate Vice President, Clinical Unit at bioMérieux. “We have been
truly impressed by the team at Qvella as well as the technology at the core of their innovation, and we
believe that it could bring disruptive solutions to improve medical outcomes.”

Photo via Unsplash

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.