One BioMed, a Singapore-based medical diagnostics company, today announced it has raised US$5 million in Series A round of funding, led by local VC firm Biopath Ventures and US-based ARCH Venture Partners. Participating in the round is Enterprise Singapore’s investment arm SEEDS Capital.
One BioMed said that it will use the fund to commercialise its first product, an automated sample preparation device for purification and isolation of nucleic acids from a variety of samples, which is required as the first step in many molecular biological and clinical diagnostic technologies.
The company is a spin-off of A*STAR, which offers a platform technology for diagnostic testing.
Dr. Joseph Jeong and Dr. Nick Roelofs, founding partners of BioPath Ventures, said in a joint statement, “One BioMed is the first example of our fund’s investment thesis of identifying and enabling world-class tool companies in the healthcare space.”
Both Jeong and Roelofs will join the firm’s board.
One BioMed said its sample preparation device is the foundation upon which it will build next platforms, through the integration of molecular diagnostic tools, including its silicon biophotonics sensing technology, for point-of-care infectious disease detection.