Springdale Biotech Firm Secures .5 Million Funding for Growth
Springdale biotechnology company NOWDiagnostics has secured a significant funding round of .5 million, marking a major milestone in its growth journey. This investment will drive product commercialization, research and development, and hiring efforts within the firm.
Founded in 2013, NOWDiagnostics has established itself as a prominent player in the industry, boasting over 75 issued and pending patents. The company’s comprehensive portfolio includes more than 30 diagnostic tests, such as the first-and-only at-home rapid syphilis test available in the United States. These tests are designed to provide rapid on-site epidemiological results, a crucial tool in preventing the spread of infections and ensuring public health.
The funding round saw participation from notable investors like the Labcorp Venture Fund and private equity group Kompass Kapital Management. The CEO of NOWDiagnostics, Rob Weigle, expressed gratitude for the support, highlighting the oversubscribed round as testament to the firm’s technology platform and mission. He emphasized the importance of accurate, easy-to-use, and affordable at-home tests in advancing public health.
This significant influx of capital positions NOWDiagnostics to continue pushing the boundaries of diagnostic technology and expanding its offerings, ultimately enhancing the health and well-being of communities worldwide.
