EMPE Diagnostics raises MSEK 9 for its launch in India
This week EMPE Diagnostics completed a new share issue of a total of MSEK 9.2. The company has developed a rapid test for tuberculosis and the new capital will support the establishment of operations in India where tuberculosis is a major health problem.
“With the new capital, we will establish a production and sales organisation in India where we see an enormous potential for our diagnostic solution. Through cooperation with Sciety, we have new shareholders who share our vision and who can contribute in different ways to our continued development,“ states Pavan Asalapuram, CEO and co-founder of EMPE Diagnostics.
Now the company will recruit further key individuals in India and execute the final product validation in the Indian market. This validation work will be monitored by Joy Sarojini who has validated a number of established solutions for tuberculosis diagnostics in India. The company also has Raghavendra Goud, General Manager of GE Healthcare Lifesciences South Asia as one of its advisors.
The management team in Sweden includes Pavan Asalpuram (CEO) and Mats Nilsson (Board Member). Mats has co-founded a number of tech companies, amongst others, listed Q-linea. The company also has Sven Hoffner as an advisor who is an internationally renowned expert in tuberculosis.
Andreas Lindblom, CEO of Sciety states:
“Approximately 10 million people in the world contract tuberculosis each year and more than 30% of the cases are undiagnosed. There is a huge demand for effective diagnostic solutions from, amongst others, WHO. We believe that EMPE Diagnostics has an important role to play in the continued fight against tuberculosis.”
In Sweden, Niklas Adalberth, founder of Klarna and Norrsekn Foundation, has brought public attention to EMPE Diagnostics, and the company has also had positive responses from the Indian public health agency and WHO.
Press contact
Andreas Lindblom, CEO of Sciety: andreas.lindblom@sciety.se, +46 (0) 70 375 73 73.
About Sciety
Sciety is the leading investor syndicate in the Nordics with an exclusive focus on life science and health tech. We combine experience from life science and finance to select promising companies in the industry. Sciety invests own funds in all companies that pass our selection process and offer the network to co-invest on the same terms. The network comprises venture capital firms, family offices and business angels. Sciety’s vision is that innovations in life science reach their full potential.
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