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Fresh capital for EIT Health Catapult finalist Spindiag

EIT Health Catapult finalist Spindiag announced on Tuesday that it has closed a Series B financing round of €16.3 million, intended for market launch of the Rhonda diagnostic platform for the detection of the Sars-CoV-2 virus.

Freiburg-based Spindiag has just closed a Series B financing round amounting to €16.3 million. Existing investors as well as Think.Health Ventures, a new investor from the healthcare sector, have participated in the company’s fourth financing round.

The new funds will be primarily targeted at the market launch of the innovative Rhonda diagnostic platform for the detection of the SARS-CoV-2 virus. The Rhonda “mini-lab” was designed with decentralized settings in mind to enable simple and reliable testing at the point of care. It applies a two-step polymerase chain reaction (PCR) test, which represents an advantageous variation of the laboratory gold standard PCR test and will be able to provide test results about a corona virus infection in approximately 30 to 40 minutes. The system is currently undergoing analytical testing. The startup expects to receive market approval in Germany and the EU during the third quarter 2020.

The investment follows a funding of €6 million which Spindiag and the Hahn-Schickard Institute for Microanalytical Systems jointly received from the Ministry for Economic Affairs, Labour and Housing of the State of Baden-Württemberg in April 2020.

Official press release available here.