Melbourne Medtech startup Nutromics has raised $14 million (A$20.5 million) for its wearable diagnostic platform as it plans to ramp up its expansion in Australia and the US.
The round was led by the venture arm of US medical device company Dexcom, along with VU Venture Partners and Artesian Investments.
Nutronics has raised more than $20 million (A$29 million) since its inception in 2017, including a $2 million federal government grant as part of the Co-operative Research Centers Projects program.
A serial backer, Atersian led a $5.7 million round in August 2021 and is now making his fourth investment in the medtech startup.
The new capital will support an expansion of clinical studies, expansion of the R&D team and investments in both the Australian and US hubs, while clinical trials of the device are currently underway in partnership with Monash University.
Nutromics is developing a wearable diagnostic platform that uses DNA technology to track multiple targets in the human body with a single patch.
The breakthrough DNA sensor will provide clinicians and patients with continuous and real-time diagnostic information ranging from difficult-to-dose drugs, such as vancomycin, to biological markers for conditions such as kidney disease.
The company hopes to launch its device in Australia and the US by 2023 before expanding globally.
Co-founder and CEO Peter Vranes said the company will be looking for “significantly more funding in 2023” following the in vivo (in the body) clinical trials of its device, which provides continuous diagnostic monitoring.
“We are pursuing a paradigm shift in diagnostic health care by essentially developing a lab-on-a-patch,” he said.
“A lack of timely and continuous diagnostic insights can have a major impact on outcomes in managing critical disease states. With this strategic industry and VC investment in us, we see greater confidence in our technology and hope to accelerate our growth, as the need for our platform in the diagnostic lab space is urgent.”
Vranes and his co-founder Hitesh Mehta are also seeking government support to build a $60 million state-of-the-art manufacturing facility for their product here in Australia.