Goa-based Molbio Diagnostics on Monday announced that Global investment company Temasek has invested $85 million in the company. The diagnostic firm known for its molecular diagnostic platform, Truenat technology, claims that onboarding Temasek, alongside existing investors such as Motilal Oswal Alternates, will further strengthen and accelerate the company’s ability to develop and commercialise a host of near-care technologies based on clinical need gaps.
Furthermore, this will also help the company in fast-tracking its efforts to take the Truenat platform to global markets, the company claims.
“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 in a statement.
According to the diagnostic firm, Allegro Capital acted as exclusive advisors for this transaction.
Molbio Diagnostics’ Truenat technology is the first in world to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of Tuberculosis.
According to the diagnostics company, the technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, rapid, and accurate diagnosis of infectious diseases, aiding in timely and appropriate treatment. The platform can test for over 40 diseases in addition to TB, including COVID-19, Hepatitis, HIV, HPV, and vector-borne diseases like Dengue, Chikungunya and Malaria, it claimed.