Cyted Health, a diagnostics firm founded by experts from the University of Cambridge, has pulled in $44m (£32.5m) for its Series B funding round.
The company, which specialises in gastrointestinal molecular diagnostics, will use the new funding to support its expansion to the US.
The Cambridge-based firm’s diagnostics platform recently launched in the US, with the firm hoping to both accelerate its commercial expansion across the Atlantic as well as consolidate existing contracts in the UK.
According to Cyted, its technology has been used in over 35,000 tests across the NHS.
“This Series B financing marks a defining moment for Cyted as we continue to deepen our commitment to detecting esophageal diseases earlier,” said Marcel Gehrung, co-founder and chief executive of Cyted Health.
“This investment will help us consolidate our leading position in the market by expanding our US presence and adding new life-saving innovations to our advanced diagnostics portfolio.”
The funding came from EQT Life Sciences, Advent Life Sciences and British Business Bank with additional support from Morningside and BGF.
“Cyted is an excellent example of the kind of high-impact business we aim to back. Their innovation has the potential to transform early cancer detection and create lasting health outcomes both in the UK and globally,” said Carmine Circelli, director of Life Sciences at British Business Bank.
UK Science Minister Lord Vallance commented: “I am pleased to see the British Business Bank back Cyted – a company whose growth demonstrates the ability of our universities to turn world-class life sciences research into successful commercial opportunities with the potential to improve people’s lives.
“Life sciences form a critical part of this government’s ambitions for both the economy and healthcare – and through our Life Sciences Sector Plan, we will continue to support the industry to even greater success.”