Qvella has raised a Series A round of financing.
The Toronto-based molecular diagnostics company raised US$20 million.
The round was co-led by RA Capital Management and Whitecap Venture Partners, and includes Hatteras Venture Partners and Sands Capital Ventures as syndicate partners, Qvella says.
The funds will be used to finance ongoing product development and team expansion, according to the Canadian company.
“This latest round of funding provides us with the capital to support our ongoing research and development, and build out our team,” said Tino Alavie, cofounder of Qvella.
“Solutions that enable patients to receive the right treatment quickly will fulfill a key unmet need in microbiology,” says Parker Cassidy, Qvella board member and executive in residence at RA Capital Management.
“Qvella is on an accelerated path to significantly change how bacteriology is handled in the healthcare system,” added Blaine Hobson, partner at Whitecap Venture Partners.
Qvella was founded in 2009 by a group of scientists and engineers with the goal of dramatically reducing time to results in bacteriology.