VETERINARY diagnostics company MI:RNA has raised $4m in Series A funding to improve their work and global growth.
MI:RNA Diagnostics transforms animal health diagnosis through science as well as advanced technology and hope to eventually be a leading global tech company.
Their vision involves improving animal health outcomes through changing the approach of disease diagnosis.
In their efforts to achieve this, they developed a novel early disease detection technology for the veterinary market in the agriculture, pet and equine sectors.
This accurately identifies the presence of the disease through blood sample analysis by using microRNA biomarkers.
MI:RNA wishes to improve the future of animal health treatments and plans to use the funding to achieve this through continuing their global growth plans.
The funding is also planned to see use in improving diagnosis and animal health testing across the sectors they work in.
These funds have been raised from eight investors including NovaQuest, Scottish Enterprise, Veterinary Angel Network (VANE) and Animal Health Angels.
Eve Hanks, CEO and founder of MI:RNA, stated: “Following on from our successful seed funding round from Gabriel Investments and Equity Gap, Series A is an important milestone in our global growth plans.
“[This comes as] We seek to improve health outcomes for animals through earlier disease diagnosis using revolutionary biomarker technology and artificial intelligence.
“The geographical spread of this investment round reflects the global opportunity for MI:RNA to deploy our platform for better outcomes for pets.”
Brian Axe, Managing Director at NovaQuest Capital Management, said: “NovaQuest is extremely excited to lead the Series A with an exceptional syndicate of investors.
“Eve has assembled an excellent team and strong partners to help bring this disruptive and innovative diagnostic to both Production and Companion Animals.
“Not only identifying disease, but understanding stage of disease and progression through cellular mechanisms is the amazing potential miRNAs hold. We believe this technology has tremendous potential.”
Peter Glassman, DVM, Executive Committee Member & Co-founder at VANE, stated: “Our network of veterinarians, business owners, entrepreneurs, and industry experts are committed to supporting innovation in the animal health field.
“We invest in businesses that help pet owners, animals or veterinary teams and MI:RNA is an exciting investment opportunity at the cutting edge of science and technology.
“Our members were impressed by the MI:RNA team and by the market application opportunity for vet practices globally to detect and stage diseases earlier.”
