miDiagnostics, which is using silicon chip technology that will bring miniaturized, rapid, easy-to-use, lab-quality tests with built-in connectivity direct to the patient and clinician regardless of location, today announces the completion of a €14m investment round. The round was supported by existing shareholders as well as leading life science and tech investors Dr. Rudi Pauwels and Dr. Ir. Urbain Vandeurzen.
The funds will be used to accelerate the development of miDiagnostics’ proprietary nanofluidic processor on a chip, and to prepare it for industrial-scale manufacturing. miDiagnostics’ unique technology will enable fast, comprehensive and cost-effective analysis of a wide range of health conditions. The technology has potential in multiple settings:
- Monitoring chronic patients at home;
- Fast screening for physicians or remote health centers in developing countries; and
- Widespread monitoring during pandemics
miDiagnostics’ technology was invented by imec, the world-leading R&D and innovation hub in nanoelectronics and digital technologies in Belgium, and Johns Hopkins University, the leading US research and medical centre.
miDiagnostics is currently working with NASA to evaluate its technology under simulated zero gravity conditions.
Dr. Ir. Urbain Vandeurzen, a serial entrepreneur and founder and Chairman of Smile Invest and former co-founder, Chairman and CEO of LMS International, participated through his family office VMF Invest, which has made a number of investments in fast growing technology and life sciences companies. LMS International was sold to Siemens in 2013 and is the most successful technology spin-out of KU Leuven University.
Dr. Rudi Pauwels and Dr. Ir. Urbain Vandeurzen join the existing investors and successful serial entrepreneurs Marc Coucke (Alychlo) and Michel Akkermans (Pamica) as well as PMV (the investment fund of the Flanders Region) and the technology founders imec and Johns Hopkins University.
Nicolas Vergauwe, Chief Executive Officer of miDiagnostics, commented: “The continued commitment of our founding partners imec and JHU, our existing shareholders and this latest endorsement by two highly successful serial entrepreneurs further strengthens our confidence in the future of miDiagnostics. They share our view that miDiagnostics has the potential to disrupt and transform the industry by making diagnostic information as readily accessible as digital information on a smartphone. Together with the recent progress in advancing our technology and bringing in the right expertise on board to deliver commercial success, we are well placed to make rapid progress.”
Dr. Rudi Pauwels, Chairman of miDiagnostics, commented: “Since joining the Board of Directors in 2018, I’ve been impressed by the rapid technical progress of miDiagnostics’ proprietary nano-fluidic processor on a chip and its real disruptive potential in the global diagnostics market. I’ve been actively working with the excellent team at miDiagnostics to accelerate commercialisation.”
Urbain Vandeurzen, Chairman of VMF Invest, said: “Thanks to its unique silicon chip technology, miDiagnostics has the potential to become a significant international player in screening, diagnosis and monitoring. Its easy-to-use and cost-efficient tests will revolutionize point-of-care testing by directly engaging with patients and enabling speedy intervention.
“As we’ve seen with efforts to contain the coronavirus, the need for technology that can provide rapid answers to clinicians and patients is becoming ever more critical. We believe that with further financing and support from investors, the strong management team at miDiagnostics is well positioned to take its unique technology to the market, offering clinicians and patients reliable, lab-quality tests outside the hospital setting.”
Luc Van den hove, CEO and President of imec, further said: “We are delighted to see miDiagnostics’ significant progress towards bringing imec originated technology to the wider market. We welcome this financing round and are pleased to see the engagement of Urbain, Rudi alongside existing shareholders to support the further development of the business. I am convinced that this unique microfluidics technology will create a revolution in the diagnostics industry, similar to what the micro-processor has done for the computer industry.”