Molbio Diagnostics raises $85 mn in funding from Temasek, Motilal Oswal Alternates
- ByStartupStory | September 27, 2022
Molbio Diagnostics, a Goa-based firm that delivers solutions for universal access to high-quality healthcare, revealed on Monday that Temasek and Motilal Oswal Alternates had invested $85 million in the company. Allegro Capital served as the transaction’s principal adviser.
According to the formal release, the cash will be used to develop and commercialize a variety of near-care technologies based on clinical requirement gaps. In addition, this will accelerate the company’s efforts to bring the Truenat platform to worldwide markets.
Molbio is renowned for its Truenat technology, a portable, battery-operated real-time PCR platform that may be used at the point of care. The World Health Organization (WHO) has recognized Truenat as an alternative for smear microscopy in diagnosing TB.
According to the company, the technology may be used at all levels of the healthcare supply chain, even in extremely remote and inaccessible places, to enable early, accurate, and quick detection of infectious illnesses, hence facilitating prompt and appropriate treatment. In addition to TB, the platform can test for over 40 illnesses, such as COVID-19, hepatitis, HIV, HPV, and vector-borne diseases such as dengue, chikungunya, and malaria.
“We are delighted to have Temasek on board. The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges,” said Sriram Natarajan, Director, and CEO, Molbio Diagnostics.
Truenat real-time PCR has been implemented at over 5,000 testing facilities in over 40 countries. Following the National Tuberculosis Elimination Programme, India has distributed these devices to primary and community health facilities in all states and union territories. Numerous international organizations, such as the United Nations, USAIDS, Worldwide Funds, Global Drug Facility, etc., have launched the global rollout of Truenat for tuberculosis.
“We take pride in the fact that we associated with Molbio just a few months before COVID-19 when the requirement of capital was extremely critical, and something that led to Molbio playing a significant role in ramping up the testing infrastructure in India,” added Rohit Mantri, Director at Motilal Oswal Alternates.
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