Medical device company Atomo Diagnostics has secured A$4.5 million in funding. The investors included Global Health Investment Fund. In addition to the funding, Dr. Curt LaBelle, a managing director at GHIF, has been added to Atomo’s board.
SYDNEY–(BUSINESS WIRE)–Medical device innovator Atomo Diagnostics today announced it had raised A$4.5 million in new equity funding from a number of professional investors including the New York-based Global Health Investment Fund (GHIF), as well as a company associated with former Managing Director and CEO of Macquarie Group Limited, Mr. Allan Moss AO.
The new investment follows receipt of a US$6 million (A$7.8 million) loan to Atomo by GHIF in January this year. The latest investment will also see Global Health Investment Fund Managing Partner Dr. Curt LaBelle join the Atomo board.
Dr. LaBelle said, “Our fund is pleased to provide additional support to Atomo Diagnostics through this equity investment. Atomo has developed a unique platform enabling quick, accurate and affordable point-of-care and consumer diagnostics.”
Former Macquarie Group Limited Managing Director and CEO Allan Moss is an active investor in the medical device sector and emerging disruptive global technologies.
Mr. Moss said, “Atomo has developed a remarkably user-friendly and accurate testing device which has the potential to assist greatly in detecting HIV and other diseases in Africa and globally.”
Atomo Diagnostics Chairman John Keith said “We are delighted GHIF is now a shareholder. We welcome them to the Board and look forward to working to further expand Atomo’s presence in the global health market.”
Atomo Diagnostics is commercialising a range of innovative and easy to use rapid diagnostic devices and services that deliver clinical and economic value to healthcare consumers and providers globally. The company was established to create healthcare solutions that improve levels of convenience, simplicity and user experience.
About Global Health Investment Fund:
GHIF is a private investment fund structured by JPMorgan Chase & Co and the Bill & Melinda Gates Foundation. The fund received anchor support from Grand Challenges Canada (funded by the Government of Canada), the German Ministry for Economic Cooperation and Development (acting through KfW), the Swedish International Development Cooperation Agency and the Children’s Investment Fund Foundation. With an emphasis on late-stage projects, GHIF finances the development of drugs, vaccines and diagnostics for diseases that disproportionately burden low-income populations.