Australia's Atomo gets $3.5m from Bill Gates-backed fund

According to a statement, the Global Health Investment Fund (GHIF) invested alongside a company associated with former Macquarie Group CEO Allan Moss, who is an active backer of the medical devices sector. It follows a A$7.8 million loan to the company by GHIF in January.

"Atomo has developed a unique platform enabling quick, accurate and affordable point-of-care and consumer diagnostics," said GHIF managing partner Curt Labelle, who will be joining the company board. "These solutions reduce error rates and improve care and have significant commercial potential in both the developing world and in developed healthcare markets."

Founded in 2010, Atomo develops user-friendly medical testing devices with potential to detect HIV and other diseases in Africa and globally. It has secured a number of European customers as well as a A$1.8 million grant from Australia's NSW Medical Devices Fund for a digital HIV test and a A$1.4 million grant from the Australian government for a range of tropical fever tests.

GHIF is a non-profit private investment fund structured by JPMorgan Chase & Co and the Bill & Melinda Gates Foundation. It targets companies focused on late-stage clinical work addressing global health priorities.

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