California-based Nanomix nabs $12M in financing

By Nicel Jane Avellana

Feb 01, 2014 12:09 PM EST

Nanomix Inc secured financing worth $12 million. The California-based nanotechnology company that works to develop next generation point-of- care diagnostic tests said the funding came from "a strategic corporate partner and existing investors."

In a statement said about the funding, Nanomix said proceeds will be used to complete the development and registration of clinical trials. It will also be utilized to launch the company's mobile diagnostic platform and initial assays commercially.

Nanomix Inc leads in the manufacturing of carbon nanotubes and nanoscale electronic sensors. Their product has paved the way for the development of point-of-care testing systems, allowing superior performance and rapid results to be attained in virtually any setting. Nanomix said that its mobile diagnostic platform is able to conduct multiple in-vitro diagnostic assays all at once from only one whole-blood sample. Through their compact electronic instrument and disposable test cartridge the size of a credit card, the company can perform a wide range of tests through the use of different assay techniques.

In a March 7 press release, Nanomix Inc said it was able to close $16 million in Series C financing. In that oversubscribed round, new investors Harris & Harris Group Inc and STAR Ventures supported the company. It was also participated in by existing investors Alta Partners, Apax Partners, Sevin Rosen Funds and  EnerTech Capital Partners.

Proceeds for that previous funding round were used for the broad deployment of their Sensation (TM) detection technology.

Nanomix President and Chief Executive Officer David Macdonald said in that financing round, "Our detection platform provides access to critical information not currently available. With products launching this year, we believe that Nanomix is one of the first companies to be launching devices that harness the  features of nanoelectronics. I believe this has contributed strongly to the high-level of investor interest that has significantly exceeded our maximum level established for this round of funding. We are encouraged to have our progress and direction validated by such a prestigious group of investors."

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