Glasgow, Scotland-based startup Dxcover has raised $11.9 million in series A and grant financing to support the development of its liquid biopsy technology platform for the detection of early-stage cancers, including brain and colorectal cancers. The company’s technique uses infrared spectroscopy to analyze patient blood samples, and artificial intelligence algorithms to detect the presence or absence of disease.
Existing investors Eos Advisory LLP, Mercia Fund Management, Scottish Enterprise, University of Strathclyde, Social Investment Scotland Ventures, and Norcliffe Capital led the series A round of $9.25 million, with new investor Mark Bamforth of Thairm Bio also joining the round. Dxcover received a grant of $2.7 million from the European Innovation Council to bring the total to near $12 million.
Dxcover raised $11.9 million in combined series A and grant funding to accelerate bringing its liquid biopsy technology to market. The technology uses spectroscopy and AI algorithms to enhance early-stage cancer detections. Courtesy of Dxcover.
Having initially proved its technology in the detection of brain cancer, the company said, it expanded to eight cancers in 2022 and demonstrated enhanced ability to detect early-stage tumors with the Dxcover platform. According to Dxcover CEO Mark Hegarty, the company will now focus on building the pipeline of organ-specific tests, starting with a multicenter study for CE In Vitro Diagnostic Regulation (CE IVDR, European diagnostic regulation) marking of the Dxcover brain cancer test. The company will also expand its data on colorectal cancer and continue collaborative projects, he said.
Dxcover launched its Dxcover Infrared Platform, which uses attenuated total reflectance Fourier transform infrared (ATR-FTIR) spectroscopy to enable faster sample analysis, in June 2022.