PathogenDx, Inc. announced Monday that it raised $7.5 Million in a Series B funding round led by Cresco Capital Partners.
The company raised the funds in less than three months with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners and other investors.
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PathogenDx is an Arizona-based pathogen testing company that uses DNA-based technology to test for materials that can be harmful for human health in products from the cannabis, hemp, agriculture, food and beverage industries.
“PathogenDx has pioneered one of the most precise and cutting-edge pathogen testing technologies on the market. This investment is a critical vote of confidence by industry leaders that our technology can and will make a significant impact across all pathogen testing industries,” CEO Milan Patel said in a statement.
The company plans to expand its DNA processing platform over the next year so other industries can have access to “affordable and reliable pathogen test results to improve product safety and protect consumer health,” the CEO said.
The company recently developed proprietary “microarray technology” that is able to reveal bacterial and fungal test results in six hours or less versus the industry standard of 72 hours or longer.
“We are constantly looking for innovative businesses to build a robust cannabis market, and we were thoroughly impressed by Milan Patel’s long term vision for both his company and the industry,” Matt Hawkins, managing partner at Cresco Capital Partners, said in a statement.
PathogenDx said it expects to have full federal approval of its technology for food and environmental applications by the first half of 2020.
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