TestCard, which enables people to use the camera on their smartphones to diagnose common conditions, has raised £4.5 million through its latest funding round.
The funding round was secured and lead by corporate finance firm West Hill and will allow TestCard to focus on the development of new products, its international expansion, product launches and regulatory applications. The funding will also help TestCard bridge the gap to its Series A funding round, which is forecast to take place in Q2 2021.
In November, TestCard will launch its at-home UTI testing kit, which enables a smartphone camera to be transformed into a clinical grade scanner. This can then be used to provide results which can be shared with healthcare professionals, such as the patient’s GP. The product aims to both give patients greater control over their personal health, whilst also easing the strain on the NHS.
TestCard Chief Commercial Officer Chris Craig-Wood said: “We are delighted to secure this level of funding while still in our early stages as a business. It’s clear that diagnostic testing is an attractive opportunity in the current climate. This level of investor confidence speaks volumes about our ambitious growth plans in delivering disruptive, at-home healthcare solutions to the market across multiple territories.”
The company is also working on the development of a drugs misuse test, as well as developing diabetic screening solutions, kidney function and pregnancy and ovulation tests.