American biotech startup QuanDx bags $950K in funding

January 17
9:08 PM 2014

Molecular diagnostics startup QuanDx has recently secured $950,000 in funding. The investors in the said round were not disclosed, according to VentureBeat.

The Menlo Park, California-based company received financing from 10 investors. QuanDx is hoping to raise a further $550,000 through this present offering round. Last March, the firm had received a $300,000 investment, the report detailed.

Founded in 2010, QuanDx is a company that designs molecular diagnostic equipment to be used in research and clinical laboratories. The firm's first set of products detects leukemia cells in a patient and produces the results of the lab test within two to three hours, the report explained.

The company has yet to comment on the financing round, and it is not yet confirmed how the startup plans to use the new capital. However, chief executive Matthew Lei said QuanDx transferred to the Bay Area in 2013 to acquire new talent and make room for growth, VentureBeat reported.

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