OxDX Raises £2.6M Pre-Seed Funding to Develop AI Powered Rapid Diagnostic Technology

15 February, 2022

  • Technology aims to improve speed, cost and accuracy of infectious disease diagnostics
  • Funding will be used to expand team and further validate technology

Oxford, UK, 15th February 2022: OxDX, a University of Oxford spin out building instant pathogen tests using super-resolution microscopy and machine learning, has raised £2.6m in pre-seed funding for its AI powered diagnostic technology that can recognise and identify specific species and strains of viruses1,2, bacteria and other pathogens within a sample in seconds. The initial funding is co-led by IQ Capital and Ahren Innovation Capital with participation from Science Creates Ventures, and will be used to expand the team and further validate the technology with development partners.

The OxDX technology uses novel universal labelling technology in combination with machine learning analysis in a neural network to identify the specific pathogens causing infection in just a few seconds. The team has demonstrated the ability to identify respiratory viruses in clinical samples and, in the case of COVID-19 and influenza viruses, directly identify the strain. The Company aims to develop an ultra-fast analysis platform capable of rapidly scaling to many diseases via simple software updates improving the cost and access to infectious disease diagnostics worldwide.

Alex Batchelor, Chief Executive Officer of OxDX, said:Our ability to take a sample from someone with an unknown infection and answer the open question ‘what do they have?’ within a minute is a gamechanger for infection diagnosis and treatment. We’ll start with respiratory viruses and expand from there. In parallel, we’ll be simplifying the workflow to move the test from the lab to point of care, which will represent a step change in the availability and cost of infectious disease diagnostics worldwide.

Ed Stacey, Managing Partner at IQ Capital Partners, added:The potential of OxDX’s technology to identify diseases ‘while you wait,’ and roll out tests for new pathogens with just a software update is going to revolutionise diagnostics and patient treatment. This incredible team have already achieved an enormous amount and I’m looking forward to seeing the impact they have on the field of infectious disease diagnostics.”

Dr Joanna Green, Principal at Ahren Innovation Capital, commented:We look forward to working with the OxDX team to achieve the full potential of their technology, operating at the intersection of machine learning and microscopy, applied to diagnostics. This type of transformative technology can have a huge positive impact on the world.”

  1. ‘Virus detection and identification in minutes using single-particle imaging and deep learning’, medRxiv https://www.medrxiv.org/content/10.1101/2020.10.13.20212035v3
  2. ‘Rapid functionalisation and detection of viruses via a novel Ca 2+-mediated virus-DNA interaction’, Scientific Reports Nature Research https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6838052/

 

About OxDX Ltd – www.oxdx.com

OxDX is a rapid pathogen detection company, a spin out from the University of Oxford, which combines the power of single-molecule fluorescent microscopy with machine learning to identify pathogens in under a minute. Our primary goal is to develop rapid diagnostics tools that enable clinicians to ask widely open questions about the causes of infection. LinkedIn

About IQ Capital Partners – https://iqcapital.vc/

IQ Capital is the leading deeptech venture capital firm. Based in London and Cambridge, IQ Capital invests in early-stage deeptech businesses using hard-to-replicate technology in massive global markets – across sectors including software, hardware, materials, health tech and life sciences.

IQ Capital’s 50+ portfolio companies are visionaries and address some of the largest problems in the world to dominate their respective markets on a global scale and grow rapidly to become sector leaders. Our initial investments at Seed and Series A range from £0.5m to £10m, with capacity for follow-on investment up to £30m through our Growth Fund.

The IQ Capital team has achieved over 20 exits, to companies including M&A to Apple, Google, Facebook, Oracle and several IPOs. IQ Capital has led over 30 investments in the last three years in outstanding companies including Thought Machine, Privitar, FNA, Paragraf, causaLens, Neurovalens, Concirrus, Fluidic Analytics, CybSafe, Nyobolt.

About Ahren Innovation Capital – https://www.ahreninnovationcapital.com/

Ahren Innovation Capital is an investment institution that supports transformational companies at the cutting edge of deep science and deep tech. A group of highly diverse, creative and original thinkers leading their domains, Ahren Innovation Capital believes in taking considered risk that will deliver superior rewards – capturing a generational opportunity to provide smart capital to deep technology. With a philosophy espousing the importance of relationships and trust, Ahren Innovation Capital provides long-term capital and support to exceptional founders and teams, empowering them to achieve the unimaginable.

About Science Creates Ventures – https://sciencecreates.co.uk/ventures/

Science Creates Ventures is a Bristol-based venture capital firm. Our EIS Fund 1 offers investment into early-stage deep tech companies, focusing on technologies that have the potential to improve healthcare, quality of life, and the environment around us. We’re supported and backed by successful entrepreneurs behind multiple tech and deep tech exits in the South-West.

 

Disclaimer
This press release does not constitute an offer of interests in any Ahren fund. Any offer of an Ahren fund will be made through separate offering documents and in accordance with applicable laws and regulations. This press release may contain forward looking statements. These statements include, but are not limited to, discussions related to Ahren’s expectations regarding the performance of its business, its liquidity and capital resources and the other statements contained herein. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions. Ahren gives no undertaking or assumes any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Ahren believes that selected case studies should be considered as a reflection of Ahren’s investment process, and references to these particular portfolio companies should not be considered as recommendations of any particular security, investment or portfolio company. The information provided about these portfolio companies is intended to be illustrative, and is not intended to be used as an indication of the current or future performance of the portfolio companies of the fund that Ahren manages.
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