Australian diagnostics company, Nutromics, has raised $11 million in an acceleration round for its medical wearable diagnostic platform.
The company said the round was oversubscribed and led by two high-net-worth family offices.
It said this places the company in a position of strength leading into its upcoming series A round, expected to open later in 2023.
The company previously raised $20 million in 2022 in a round led by Dexcom Ventures.
Dexcom is a leading Continuous Glucose Monitor manufacturer, with a market cap of $68 billion.
Nutromics is also one of only six companies chosen in the Victorian State Government’s inaugural 30X30 program.
“We’ve been laser-focused on rapid progress at Nutromics. Our first-in-human clinical studies are underway, and we’ve made notable strides with the development of our first product. This investment is a vote of confidence demonstrating that not only do investors resonate with our vision, but also, they believe that we can get our “lab-on-a-patch” technology to the market,” said CEO and co-founder Peter Vranes.
Nutromics also announced that Dr Chris Roberts AO had joined its board of directors as non-executive chairperson.
Dr Roberts is the former CEO of Cochlear and a non-executive director and executive vice president at ResMed.
"Through its aptamer platform, Nutromics can improve the outcome for millions of patients in clinically critical situations by providing clinicians with continuous monitoring of a range of analytes that currently cannot be analysed in real-time. This will be a game changer in many clinical situations," said Dr Roberts.