[Funding alert] Molbio Diagnostics raises $85 mn from Temasek, Motilal Oswal Alternates

Molbio Diagnostics, a Goa-based firm that offers solutions for universal access to high-quality healthcare, recently revealed that Temasek and current investor Motilal Oswal Alternates had each invested $85 million in the business.

According to a statement from Molbio Diagnostics, the additional funding would enable the company to speed up the development and commercialization of novel technologies based on unmet clinical needs.

Goa-based A portable, battery-operated real-time PCR device called "Truenat" developed by Molbio Diagnostics can be used to test for infectious diseases like TB, COVID-19, Hepatitis-C, human papillomavirus, influenza, and vector-borne illnesses like dengue, chikungunya, and malaria, as per The Economic Times.

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“We are delighted to have Temasek on board. The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges”, Sriram Natarajan, Director and CEO, Molbio Diagnostics, said.

According to Molbio Diagnostics, more than 5,000 testing facilities in more than 40 countries have implemented the Truenat real-time PCR.

“We take pride in the fact that we associated with Molbio just a few months prior to COVID-19 when the requirement of capital was extremely critical, and something that led to Molbio playing a very important role in ramping up the testing infrastructure in India,” said Rohit Mantri, Director at Motilal Oswal Alternates.

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About Molbio Diagnostics

Molbio Diagnostics, brings to the healthcare professionals worldwide the "TruelabTM Real Time quantitative micro PCR system"​, that makes Real Time PCR testing simple and possible in all laboratories, in the field and in near-patient settings. The smart design of the hardware and the room temperature stable reagent microchip make the assay robust and affordable.