Imperial Innovations and the University of Oxford join a group of corporates and venture firms backing the medical diagnostic company.
Imperial Innovations and the University of Oxford join US-based materials company the Dow Chemical Company and Kaiser Permanente Ventures, the corporate venturing unit of US-based healthcare group Kaiser Permanente, in a syndicate investing $28m in Oxford Immunotec, a medical diagnostic company .
The round was led by Imperial Innovations and Invesco Perpetual and also backed by venture firms Clarus, New Leaf, DFJ Esprit, Wellington, SPARK Ventures and NTEC. Oxford Immunotec has now completed five institutional funding rounds totaling approximately $110 million since its establishment in 2002.
Susan Searle, Chief Executive Officer, Imperial Innovations, said: “Oxford Immunotec is a well-run, high-growth company in an exciting space. This funding provides it with the capital to expand its operations in key markets and enables a UK university spin out to become a truly multinational business.”
Oxford Immunotec’s product detects latent TB infection and is intended to replace the 90-year old tuberculin skin test which medical practitioners currently use.
