Group K Diagnostics Secures $2M Series A Funding to Advance MultiDiagnostic Microfluidic Point-of-Care Testing Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 5, 2018, Eastern Time, Group K Diagnostics (hereinafter referred to as “GKD”), an innovative healthcare company in the United States, announced the completion of a $2 million Series A financing round. This round was led by an unnamed privately held company, which is also an early investor in GKD. Previously, GKD had announced in September of this year that it had secured $425,000 in angel financing. The latest valuation of GKD following this financing round has not been disclosed.

Image source: Group K Diagnostics official website

GKD is developing a microfluidic point-of-care testing device called MultiDiagnostic. MultiDiagnostic is a modular point-of-care platform that primarily leverages microfluidics technology to perform blood tests on patients via a mobile application. Characterized by its compact and portable design—roughly the size of a human palm—it can generate test results within 20 minutes, enabling healthcare providers to promptly adjust treatment plans. Brianna Wronko, Founder and CEO of GKD, stated that the device is ultimately capable of performing up to 40 different types of tests, holding significant potential to improve the quality of patient care. The model supports reimbursement processes and can be seamlessly integrated into physicians’ existing workflows.

Russ Van Fossen, Senior Laboratory Technician at GKD, stated in a press release: “With the infusion of new funding, we can continue to expand and enhance our laboratory facilities, which is one of the critical supporting conditions for the clinical trial evaluations of our liver function tests currently underway. This round of financing will also support the completion of additional development initiatives, such as adding more technical staff to the laboratory and helping us secure approval from the U.S. Food and Drug Administration (FDA).”

This round of financing concluded on October 31, 2018. The due diligence process was jointly overseen by GDK Chief Operating Officer Joe Geromini, Chief Strategy Officer Emilia Lopez-Ona, and Wronko. Geromini stated, “We believe that the diagnostic tools we intend to bring to market will help drive the transformation of the existing healthcare system from a reactive model to a preventive one.”

It is reported that GKD plans to conduct clinical trials on comprehensive metabolomics in 2019.

Group K Diagnostics, an innovative healthcare company founded in 2016 and headquartered in Philadelphia, Pennsylvania, USA, has developed MultiDiagnostic, a microfluidic point-of-care testing device that delivers results within 20 minutes, holding the potential to improve the quality of patient care.

Since the development of MultiDiagnostic, GKD’s innovations have garnered high recognition from both the healthcare and technology industries. In 2017, GKD was named “Most Innovative Company” by MABA, the Cardiac Science Forum, and its product, MultiDiagnostic, was awarded “Product of the Year 2017” by the same organization. GKD’s founder, Wronko, also won first place in the spring 2018 PACT TiE competition. Additionally, the company was a recipient of the Technology Category award at the 2018 Stellar Startup Awards, among other honors.