Molbio Diagnostics raises $85 Mn to develop a new variety of near-care diagnostics

Molbio Diagnostics raises $85 Mn to develop a new variety of near-care diagnostics

Molbio Diagnostics announced today it has raised $85 Million from Temasek along with existing investor Motilal Oswal Alternates, at a Unicorn valuation.

According to the official statement, the company which provides solutions for universal access to high-quality healthcare would use the investment to create and market a variety of near-care technologies based on unmet clinical needs. Additionally, this will aid the business in accelerating its attempts to introduce the Truenat platform to international markets.

“We are delighted to have Temasek on board. The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges.” Sriram Natarajan, Director and CEO, Molbio Diagnostics said.

Molbio Diagnostics to introduce Truenat Tech in global markets

Molbio is known for its Truenat technology—a point-of-care, portable, battery-operated real-time PCR platform. Truenat claims to be the world’s first point-of-care molecular diagnostic platform to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of tuberculosis.

The technology developed by the company be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, rapid, and accurate diagnosis of infectious diseases, aiding in timely and appropriate treatment. The platform can test for over 40 diseases in addition to TB, including COVID-19, hepatitis, HIV, HPV, and vector-borne diseases like dengue, chikungunya, and malaria.

Truenat real-time PCR has been deployed in over 5,000 testing centres across over 40 countries around the world. India has deployed these devices at primary and community health centres across all states and union territoriesy under the National Tuberculosis Elimination Programme. The global rollout of Truenat for TB by Molbio Diagnostics has begun through various International agencies including United Nations, USAIDS, Global Funds, Global Drug Facility, etc.

“We take pride in the fact that we associated with Molbio just a few months prior to COVID-19 when the requirement of capital was extremely critical, and something that led to Molbio playing a very important role in ramping up the testing infrastructure in India,” added Rohit Mantri, Director at Motilal Oswal Alternates.

Allegro Capital acted as exclusive advisors for this transaction.