Australia's SpeeDx raises $15m from US-based Northpond

Founded in 2009, SpeeDx focuses on in vitro diagnostic tests involving molecules that bind to certain chemicals, creating radiological markers that allow for the detection of diseases in real time. Its technology has applications across a wide range of illnesses, as well as for detecting antibiotic-resistant strains of disease-causing bacteria.

In addition to its headquarters in Sydney, the company has offices in London and Austin, Texas, with distributors across Europe. SpeeDx is also nearing completion of clinical trails in the US for a new test for the sexually transmitted disease mycoplasma. It recently partnered with Cepheid to develop home-based delivery systems for the test.

Northpond committed an initial $5 million tranche in April, while a second $10 million tranche closed this week, SpeeDx said in a statement. The new capital will be used to accelerate the company’s worldwide expansion and identify new partnership opportunities.

“SpeeDx has developed significant strategic partnerships and their recent successes demonstrate true global potential,” said Michael Rubin, founder and CEO of Northpond. “They are positioned to become a world leader with technology that will benefit millions of patients globally.”

Northpond focuses on companies developing innovative solutions in the life sciences and technology space based on proprietary research. Its portfolio is mainly based in the US, though it has backed companies with significant operations overseas such as India and US-based Mitra Biotech.

Earlier this year the firm participated alongside several Chinese GPs in a $22 million Series C round for Boston-based medical technology developer Ultivue aimed at helping it expand in Asia.

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• Topics
• Australasia
• Healthcare
• Expansion
• Australia
• Technology