NEWSROOM
Spot Check secures further investment for its point-of-care medical testing device
Point-of-care (POC) medical testing allows a doctor, nurse or pharmacist to test a patient on the spot in the GP office, emergency room, or pharmacy, and diagnose illness in a matter of minutes while the patient waits. This reduces anxiety, can aid in infection control and make sure the right treatment such as antibiotics are given in real-time.
POC testing utilising DNA is the most sensitive method but has traditionally been expensive. One company addressing this need with a rapid and affordable POC test is Spot Check Technologies, winners of the 2016 University of Auckland Velocity Challenge. Since landing the $25,000 cash prize from the competition, they have secured more funding, appointed board members and are working on an improved prototype to prove commercial viability to investors.
“Velocity has been instrumental in our progress. The Spot Check team likely would not have formed without the Velocity competition, and the support and encouragement from the Centre for Innovation and Entrepreneurship kept us going when things were moving slowly for the first year,” CEO and co-founder Jennifer Barnes says.
Jennifer is excited about the future as the team, and their investors, believe that they will have an advantage over existing products: “Our largest competitors will be point-of-care devices currently in the market using antibodies or DNA to diagnose disease. We will be more accurate, simpler to use and cheaper to manufacture.”
This November, Spot Check hopes to have an investor-ready prototype thanks to further investment of $300,000 in convertible notes by the University of Auckland Inventors’ Fund. Following this milestone, they then aim to raise a further $3-5 million from other investors to further develop the prototype and begin running clinical studies in late 2019.
Getting medical devices to market is notoriously challenging. However, Spot Check’s unwavering focus and perseverance is starting to pay off showing that once again Velocity has been the springboard for another great innovation.
“The Velocity prize money has allowed us to further our research within the University first, without spinning out straight away, to de-risk investment; and conduct business development activities making sure there is both market and investor interest.”
Spot Check Technologies, winners of the 2016 University of Auckland Velocity Challenge.
Spot Check Technologies, winners of the 2016 University of Auckland Velocity Challenge.
Point-of-care (POC) medical testing allows a doctor, nurse or pharmacist to test a patient on the spot in the GP office, emergency room, or pharmacy, and diagnose illness in a matter of minutes while the patient waits. This reduces anxiety, can aid in infection control and make sure the right treatment such as antibiotics are given in real-time.
POC testing utilising DNA is the most sensitive method but has traditionally been expensive. One company addressing this need with a rapid and affordable POC test is Spot Check Technologies, winners of the 2016 University of Auckland Velocity Challenge. Since landing the $25,000 cash prize from the competition, they have secured more funding, appointed board members and are working on an improved prototype to prove commercial viability to investors.
“Velocity has been instrumental in our progress. The Spot Check team likely would not have formed without the Velocity competition, and the support and encouragement from the Centre for Innovation and Entrepreneurship kept us going when things were moving slowly for the first year,” CEO and co-founder Jennifer Barnes says.
Jennifer is excited about the future as the team, and their investors, believe that they will have an advantage over existing products: “Our largest competitors will be point-of-care devices currently in the market using antibodies or DNA to diagnose disease. We will be more accurate, simpler to use and cheaper to manufacture.”
This November, Spot Check hopes to have an investor-ready prototype thanks to further investment of $300,000 in convertible notes by the University of Auckland Inventors’ Fund. Following this milestone, they then aim to raise a further $3-5 million from other investors to further develop the prototype and begin running clinical studies in late 2019.
Getting medical devices to market is notoriously challenging. However, Spot Check’s unwavering focus and perseverance is starting to pay off showing that once again Velocity has been the springboard for another great innovation.
“The Velocity prize money has allowed us to further our research within the University first, without spinning out straight away, to de-risk investment; and conduct business development activities making sure there is both market and investor interest.”
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