Atonarp will use funding for its product prototyping and commercialisation in 2020 and beyond
Image: Atonarp's Smart Mass Spectrometer is the only quantitative and miniaturised process mass spectrometer on the market. Photo: courtesy of PRNewswire / Atonarp Inc.
Molecular diagnostics company Atonarp has raised $33m (£26.8m) in the Series C funding round that saw the participation of five new investors.
In an oversubscribed series C funding round, the new investors such as Japan Post Investment Corporation, SBI Investment, and Northwestern Mutual Future Ventures, as well as current investors such as INCJ, Innovative Venture Fund Investment Limited Partnership and major medical equipment manufacturing company have participated.
Atonarp CEO Prakash Murthy said: “Atonarp has continued to execute at a fast pace towards our goal of disrupting the old healthcare diagnostics model that is time-consuming, painful and costly.
“With our recent innovative engineering progress, we are well-positioned to meet our product roadmap deliverables in 2020. Both the general population and healthcare providers are ready for this revolutionized healthcare experience – especially when it is priced competitively.”
Funding will be used for Atonarp’s product prototyping and commercialisation
Atonarp will use the Series C funding to support its ongoing product prototyping and commercialisation into the healthcare market, in addition to growing the company’s balance sheet.
Since 2014, the company has raised over $61m (£49.6m) funds through three equity financing rounds to develop next generation process monitoring and healthcare diagnostic solutions by using its AI-based platforms of mass spectrometry and optical spectroscopy.
Atonarp has worked to deliver pain-free point-of-care blood testing with lab-quality accuracy and real-time actionable data.
SBI Investment’s investment department deputy general manager Yusuke Matsumoto said: “As a growth investment fund, SBI Investment is looking for opportunities to invest in fast growing sector leaders whose potential to use technology will enhance the customer experience of large populations.
“Not only has Atonarp proved this is possible with its innovative technology platform, but the artificial intelligence in tandem with the data analytics model that they are building has the potential to produce personalized health portfolios for millions of people and disrupt medicine – and healthcare – as we have come to know and accept it.”