Alveo Technologies, Inc., announced the closing of a $38 million Series A financing led by Maxim Merchant Capital, a division of investment banking firm Maxim Group LLC.
Alveo is on a mission to create a new ecosystem for the detection of infectious diseases by combining advanced nucleic acid detection with molecular biochemistry in an efficient design package. The company’s cloud-based product platform enables the creation of vast datasets to track global infectious disease outbreaks and connect individuals with treatments.
“We are pleased to have attracted a strong syndicate of investors to Alveo,” said Ron Chiarello PhD, Alveo’s founder and chief executive officer. “This funding accelerates our vision to provide lifesaving medical information to those who need it at the most critical times — with technology that is flexible, inexpensive, and accessible worldwide. Our team is focused on delivering the global health benefits that are now within reach.”
The offering proceeds will be used to advance the optimization and commercialization of Alveo’s diagnostic platform.
