Ugentec, a Belgium-based scaleup, has raised € 2.15 million in venture capital funding from a group of Belgian and international investors. The scaleup will use the funds to further develop its product and to expand to new markets, both in Europe and in the United States.
The company develops laboratory software to perform automated PCR-based DNA analysis to detect viral and bacterial infections and to diagnose cancer. The software is currently being used in several medical diagnostic laboratories in Benelux, Germany and France and several other laboratories in Europe will start using it during the months to come.
Unlike most DNA analyses that currently require lab technicians spend about an hour and a half interpreting curves manually to make a diagnosis, Ugentec’s real-time software needs three minutes for the analysis. Thus, labs can significantly improve their efficiency and provide patients with a higher diagnostic certainty.
Ugentec is one of the fastest growing companies in Benelux region and has received multiple awards for its innovative technology and market approach. They joined EIT Digital Accelerator 2014 and as the Founder and CEO of Ugentec, Wouter Uten puts it: “EIT Digital has been supporting us from the first moment on in our growth strategy and expansion by hands-on coaching, challenging our approach, opening up the international network and always thinking ahead for the next steps."
The investors include Annie Vereecken, former CEO of MedHold (now part of Sonic Healthcare), Cartagenia CEO Herman Verrelst, and a KULeuven investment group of professor Bart De Moor.