OxDX Raises £2.6M Pre-Seed Funding to Develop AI Powered Rapid Diagnostic Technology

OxDX, a University of Oxford spin out building instant pathogen tests using super-resolution microscopy and machine learning, has raised £2.6m in pre-seed funding for its AI powered diagnostic technology that can recognise and identify specific species and strains of viruses(1,2,) bacteria and other pathogens within a sample in seconds. The initial funding is co-led by IQ Capital and Ahren Innovation Capital with participation from Science Creates Ventures, and will be used to expand the team and further validate the technology with development partners.

The OxDX technology uses novel universal labelling technology in combination with machine learning analysis in a neural network to identify the specific pathogens causing infection in just a few seconds. The team has demonstrated the ability to identify respiratory viruses in clinical samples and, in the case of COVID-19 and influenza viruses, directly identify the strain. The Company aims to develop an ultra-fast analysis platform capable of rapidly scaling to many diseases via simple software updates improving the cost and access to infectious disease diagnostics worldwide.

Alex Batchelor, Chief Executive Officer of OxDX, said: "Our ability to take a sample from someone with an unknown infection and answer the open question 'what do they have?' within a minute is a gamechanger for infection diagnosis and treatment. We'll start with respiratory viruses and expand from there. In parallel, we'll be simplifying the workflow to move the test from the lab to point of care, which will represent a step change in the availability and cost of infectious disease diagnostics worldwide."

Ed Stacey, Managing Partner at IQ Capital Partners, added: "The potential of OxDX's technology to identify diseases 'while you wait,' and roll out tests for new pathogens with just a software update is going to revolutionise diagnostics and patient treatment. This incredible team have already achieved an enormous amount and I’m looking forward to seeing the impact they have on the field of infectious disease diagnostics."

Dr Joanna Green, Principal at Ahren Innovation Capital, commented: "We look forward to working with the OxDX team to achieve the full potential of their technology, operating at the intersection of machine learning and microscopy, applied to diagnostics. This type of transformative technology can have a huge positive impact on the world."

For further information, please visit:
https://www.oxdx.com

About OxDX Ltd

OxDX is a rapid pathogen detection company, a spin out from the University of Oxford, which combines the power of single-molecule fluorescent microscopy with machine learning to identify pathogens in under a minute. Our primary goal is to develop rapid diagnostics tools that enable clinicians to ask widely open questions about the causes of infection.

About IQ Capital Partners

IQ Capital is the leading deeptech venture capital firm. Based in London and Cambridge, IQ Capital invests in early-stage deeptech businesses using hard-to-replicate technology in massive global markets - across sectors including software, hardware, materials, health tech and life sciences.

IQ Capital's 50+ portfolio companies are visionaries and address some of the largest problems in the world to dominate their respective markets on a global scale and grow rapidly to become sector leaders. Our initial investments at Seed and Series A range from £0.5m to £10m, with capacity for follow-on investment up to £30m through our Growth Fund.

The IQ Capital team has achieved over 20 exits, to companies including M&A to Apple, Google, Facebook, Oracle and several IPOs. IQ Capital has led over 30 investments in the last three years in outstanding companies including Thought Machine, Privitar, FNA, Paragraf, causaLens, Neurovalens, Concirrus, Fluidic Analytics, CybSafe, Nyobolt.

About Ahren Innovation Capital

Ahren Innovation Capital is an investment institution that supports transformational companies at the cutting edge of deep science and deep tech. A group of highly diverse, creative and original thinkers leading their domains, Ahren Innovation Capital believes in taking considered risk that will deliver superior rewards – capturing a generational opportunity to provide smart capital to deep technology. With a philosophy espousing the importance of relationships and trust, Ahren Innovation Capital provides long-term capital and support to exceptional founders and teams, empowering them to achieve the unimaginable.

About Science Creates Ventures

Science Creates Ventures is a Bristol-based venture capital firm. Our EIS Fund 1 offers investment into early-stage deep tech companies, focusing on technologies that have the potential to improve healthcare, quality of life, and the environment around us. We're supported and backed by successful entrepreneurs behind multiple tech and deep tech exits in the South-West.

1. Virus detection and identification in minutes using single-particle imaging and deep learning, medRxiv https://www.medrxiv.org/content/10.1101/2020.10.13.20212035v3
2. Rapid functionalisation and detection of viruses via a novel Ca 2+-mediated virus-DNA interaction, Scientific Reports Nature Research https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6838052/

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