Cresco Capital Partners led a $7.5 million Series B funding round in PathogenDx, which provides testing technology for the cannabis, hemp, agriculture and food safety industries. Additional investors in the funding round include Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund, Salveo Capital, Flatiron Venture Partners and others.
PathogenDx, Inc., an innovator in DNA-based pathogen testing technology for the cannabis, hemp, agriculture and food safety industries, today announced $7.5 million in Series B funding. This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners and other investors. PathogenDx was able to close this round of funding in just under three months.
The additional investment will allow PathogenDx to continue expanding its breakthrough technology into food and agriculture testing, while continuing to build on its leadership position with current portfolio of domestic and international clients in the cannabis industry. This news comes on the heels of PathogenDx’s announcement earlier this year regarding the broader application of their proprietary microarray technology for rapid strain identification that can reveal bacterial and fungal test results in 6 hours or less, compared to the industry standard of 72 hours or longer. As the cannabis sector matures to full federal level acceptance, PathogenDx is leading the path and taking a proactive approach of obtaining federal approval by the AOAC of its technology for Food and Environmental testing applications by first half of 2020.
“PathogenDx has pioneered one of the most precise and cutting-edge pathogen testing technologies on the market. This investment is a critical vote of confidence by industry leaders that our technology can and will make a significant impact across all pathogen testing industries,” said CEO Milan Patel. “Our goal for the next year is to expand our DNA processing so other industries have access to affordable and reliable pathogen test results to improve product safety and protect consumer health.”
“PathogenDx is proving they have the break-through technology and team to disrupt both testing and product standards throughout the agricultural, food and medical industries,” said PathogenDx Board Member Ephraim Lindenbaum, Managing Director at Advance Ventures, a Silicon Valley based AgTech, FoodTech and Digital Health investor.
“We are constantly looking for innovative businesses to build a robust cannabis market, and we were thoroughly impressed by Milan Patel’s long term vision for both his company and the industry,” said Matt Hawkins, Managing Partner at Cresco Capital Partners. “Patel and his team have the experience and passion to create the next standard-bearer in pathogen testing technology, and we are thrilled to partner with them.”
“We saw great value investing in a company that improves the overall safety of the cannabis supply chain” said Jon Trauben from Altitude Investment Management. “With safety top of mind these days, backing a company that ensures clean cannabis provided a compelling opportunity to invest in a business that’s doing well by doing good.”
Headquartered in Scottsdale, Arizona, PathogenDx’s mission is to become the new standard in DNA-based testing through widespread adoption of its advanced microarray testing platform for the cannabis, hemp, agriculture, food and beverage industries. PathogenDx’s technology can rapidly identify and detect up to 50 pathogens all in a single test, in 6 hours providing triplicate data per analyte for certainty in results with a simple and easy process. The company’s DNA-testing products – DetectX™, QuantX™, and EnviroX™– are disrupting the century-old practice of petri-dish testing to identify, detect and quantify pathogens like E. Coli, Salmonella and Aspergillus. This technology will help growing businesses deliver safer products and healthier lives, while preventing millions of dollars in losses from contaminated or spoiled crops. For more information on how you can utilize this simple, powerful and inexpensive DNA-based pathogen testing, visit www.pathogendx.com.