Goa-based Molbio Diagnostics, which provides solutions for universal access to high-quality healthcare, announced that Temasek invested $85 million in the company alongside, existing investor Motilal Oswal Alternates. The company will be valued at $1.6 billion post the round, said a person aware of the development.
The fresh funds will help the company accelerate development and commercialization of new technologies based on clinical need gaps, the company said in a statement.
Molbio Diagnostics is known for its Truenat technology—a point-of-care, portable, battery-operated real-time PCR platform that can be used for testing infectious diseases, including TB, COVID-19, Hepatitis-C virus, human papillomavirus, influenza and vector-borne diseases like dengue, chikungunya and malaria. It claims to be the world’s first point-of-care molecular diagnostic platform to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of tuberculosis.
“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,” Molbio Diagnostics Director and CEO, Sriram Natarajan said.
Molbio Diagnostics said its Truenat real-time PCR has been deployed in over 5,000 testing centers across over 40 countries around the world.
In India, the government has deployed these devices at primary and community health centers across all states and Union Territories under the National Tuberculosis Elimination Program, it added.
“We take pride in the fact that we associated with Molbio just a few months prior to COVID-19 when the requirement of capital was extremely critical, and something that led to Molbio playing a very important role in ramping up the testing infrastructure in India,” added Rohit Mantri, Director at Motilal Oswal Alternates.