Melbourne medtech startup Nutromics has raised US$14 million (A$20.5m) for its wearable diagnostic platform as it looks to ramp up its expansion in Australia and the US.
The round was led by the venture arm of US medical device company Dexcom alongside VU Venture Partners, and Artesian Investments.
Nutronics has now raised more than US$20 million (A$29m) since it was founded in 2017, including a $2 million federal government grant as part of the Co-operative Research Centres Projects program.
Atersian has been a serial backer, having led a $5.7 million round, in August 2021, and now making its fourth investment in the medtech startup.
The fresh capital will support an expansion of clinical studies, expansion of R&D team and investment across both its Australian and United States hubs, with clinical trials of its device currently underway in a collaboration with Monash University.
Nutromics is developing a wearable diagnostic platform that uses DNA technology to enable tracking for multiple targets in the human body using a single patch.
The pioneering DNA sensor will provide clinicians and patients with continuous and real-time diagnostic information ranging from hard-to-dose drugs, like vancomycin, to biological markers for conditions such as kidney disease.
The company is hoping to launch its device in Australia and the US by 2023 before expanding globally.
Co-founder and CEO Peter Vranes said the business will be looking to “raise significantly more funding in 2023” following the in vivo (in the body) clinical studies of its device, which provides continuous diagnostic monitoring
“We are aiming to cause a paradigm shift in diagnostic healthcare by essentially developing a lab-on-a-patch,” he said.
“A lack of timely and continuous diagnostic insights can strongly impact outcomes when dealing with critical disease states. With this strategic industry and VC investment in us, we see more confidence in our technology and hope to accelerate our growth, as the need for our platform in the lab diagnostic space is urgent.”
Vranes and his cofounder Hitesh Mehta are also looking for government support to build a $60 million advanced manufacturing facility for their product here in Australia.