VenomAid Diagnostics, a Copenhagen, Denmark-based company developing snakebite diagnostics, extended its seed round to $1.8M.
The round saw participation from business angels and Good Ventures.
Related: Cognito Therapeutics raises $35M Series B extension
The company intends to use the funds to expand operations and development efforts.
Led by CEO Jonas Arnold Jürgensen, VenomAid is a medtech startup that has developed an in vitro diagnostic test for management of snakebite. The portable device uses a small amount of blood from the patient to quickly identify the type of venom in the patient’s bloodstream. This enables healthcare workers to quickly and accurately diagnose the type of snakebite and administer the appropriate treatment, increasing the chances of survival and reducing the risk of permanent disability.
Commenting on the news, Jonas Arnold Jürgensen said: “We are thrilled to announce the continued support from our group of investors on World NTD Day. This funding will allow us to execute our vision of bringing affordable diagnostics to snakebite victims around the world. More specifically, we are now gearing up for clinical pilots in Brazil and plan to initiate manufacturing of our rapid tests, bringing us closer to market. We believe that VenomAid’s technology has the potential to transform snakebite management by reducing time from bite to treatment, and thus save lives, prevent disabilities, and drive economic growth in some of the world’s poorest and most marginalised communities.”
