Dxcover, a Glasgow, Scotland, UK-based clinical-stage diagnostics company, raised an undisclosed amount in funding.
Backers included existing investors, as well as new investors, Macmillan Cancer Support and Maven Capital Partners.
Related: Rad AI raises $60m in Series C to bring generative AI to radiology
This brought the total funding raised to $21.4M since spinning out from the University of Strathclyde in 2019.
The company intends to use the funds to further advance its proprietary technologies and scale its operations as it expands into new markets and indications.
Led by Professor Matthew J. Baker, CEO and President, Dxcover is a provider proprietary PANAROMIC™ platform for early cancer diagnosis. By utilizing a multiomic spectral analysis (MOSA-Dx™) approach to detect cancer, the platform can detect the presence of disease with minute volumes of liquid sample, with a turnaround time of one day.
Its AI algorithms are built on data; over 9000 patients and 250,000 spectra ensure diagnostic performances that can be tuned for high sensitivity or specificity. The test result is designed to be a valuable tool for clinicians to make rapid and appropriate patient management decisions. The proprietary technology is patented globally.
To accelerate its leadership in cancer diagnostics, the company announced appointments, with co-founders Dr David Palmer and Dr Holly Butler assuming the roles of Chief Scientific Officer and Chief Technical Officer, respectively. Drs Palmer and Butler have extensive experience in development of Dxcover’s proprietary technology and leadership of high growth teams. In addition, Dr David Eustace will take on the role of General Manager, assuming operational responsibility for UK and US sites.
