Diagnostic firm raises $2.6M to advance cancer detection technology
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A Purdue-affiliated life sciences startup that has drawn federal grants and entrepreneurial recognition completed a $2.6 million round of seed funding on Monday.
The latest investment round for Amplified Sciences was led by Elevate Ventures and Chicago-based OCA Ventures with additional backing from Purdue Strategic Ventures, IU Ventures, Vision Tech and Flywheel Fund, according to an Elevate Ventures news release.
Amplified Sciences is developing a new medical diagnostic technology. The company was founded by V. Jo Davisson, a Purdue professor of medicinal chemistry and molecular pharmacology.
“This funding allows us to make significant strides toward our vision of a world transformed by earlier and more precise disease detection,” CEO Diana Caldwell said in the news release. “BioMatraTM, our ultra-sensitive molecular sensing platform, combines advanced chemistry reagents, cutting-edge instrumentation and AI to deliver extremely accurate results. We are initially applying this breakthrough technology to patients at higher risk for pancreatic cancer.”
The new seed funding will go toward research and development, securing regulatory clearance for a testing platform and initiating a clinical trial, the news release said.
The funding follows a host of other financial awards and recognitions.
Earlier this year the company received a $275,000 National Science Foundation grant and $50,000 from the Indiana Economic Development Corp.’s Applied Research Institute, Inside INdiana Business reported.
Amplified Sciences also won first place in the life sciences category of the Venture Club of Indiana’s annual Innovation Showcase. And the company was a nominee for Tech Innovation Team of the Year at the TechPoint Mira Awards.
Last year Amplified Sciences received a grant of about $400,000 from the National Cancer Institute.
Elevate Ventures CEO Toph Day said the company’s leaders and the promise of their technology are worthy of further funding.
“Our investment in Amplified Sciences is a testament to their innovative approach to multi-dimensional biomarker detection and their powerhouse team who have brought forward a portfolio of diagnostic tests,” Day said in the news release.