The Leuven-based medtech company miDiagnostics refuels with 10 million euros. The fresh money comes from existing shareholders, including Marc Coucke.
MiDiagnostics was founded in 2015 as a spin-off of the Leuven research institute Imec and the American Johns Hopkins University. It initially developed a chip technology and a mini lab to perform blood tests very quickly. Due to the corona crisis, miDiagnostics had to adjust its plans to develop a rapid PCR test to detect corona infections. Last year this resulted in a first product: an ultra-fast PCR test for detecting Covid-19.
To finance the development of these products, the Leuven-based company has already raised more than 150 million euros in recent years. That money came, among others, from entrepreneurial investors Marc Coucke and Urbain Vandeurzen. Biocartis founder Rudi Pauwels and PMV are also on board.
The cash injection of 10 million euros is part of miDiagnostics’ C capital round of 2021. The Leuven-based company then raised 38 million euros to support the commercialization plans for its PCR test. The money came from the existing shareholders Urbain Vandeurzen (chairman of the board of directors), Marc Coucke and Michel Akkermans (ex-Clear2Pay).
Expansion
That round has already been extended once by 12 million euros to 50 million. Smile Invest, the entrepreneurial fund around Vandeurzen, put 10 million of this on the table, Griet Nuytinck of the Nuytinck lab group the rest.
In anticipation of a larger D-financing round next year, four shareholders are now putting another 10 million euros on the table: Coucke, Vandeurzen, Akkermans and Nuytinck. They invest in proportion to their participation in miDiagnostics. Coucke (34%) and Vandeurzen (23%) are the company’s largest shareholders.
STDs
Since the corona pandemic is largely behind us, ultra-rapid tests to detect covid – including for travel – no longer seem essential. CEO Katleen Verleysen also admits this. “The demand for covid tests has largely disappeared. But we are still working on several applications for our test platform. Think of tests for the rapid detection of sexually transmitted diseases (STDs), vaginitis (the inflammation of the inner walls of the vagina) or herpes.’