Medical diagnostic company Visby Medical has secured more than $100m in its series E financing round to expand its diagnostic test portfolio.

Led by Ping An Voyager Partners, the financing round saw participation from Healthcare of Ontario Pension Plan (HOOPP), John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and Nissim Capital.

Visby Medical will use the funding to scale production capacity from tens to hundreds of thousands of tests per month.

The funding will also enable the company to further extend the product menu with the addition of Covid + influenza A/B combination testing and antimicrobial resistance panels.

In addition, the proceeds from the funding will be used the company to boost the development of rapid and single-use PCR diagnostic technology for home use.

Visby Medical founder and CEO Dr Adam de la Zerda said: “We’ve taken the first steps to deliver on that promise with the world’s first handheld, instrument-free, single-use PCR tests for bacterial and parasitic infections with our Sexual Health Click Test, and for viral infections with our COVID-19 test.

“We are thrilled to have incredible investors who believe in our vision. This investment signals that experienced healthcare investors recognize the potential that our patented ‘gold standard’ PCR diagnostic technology has in multiple therapeutic areas.”

In March last year, Consumer health company Maverick Health had collaborated with Visby Medical to provide rapid Covid-19 PCR testing to its organisational partners.

Visby Medical offers instrument-free and single-use PCR platform, which can be used for the testing of serious infections.