Singapore-based diagnostics startup banks $5m to commercialize first product

Singapore-based medical diagnostics company One BioMed raised US$5 million in a series A round led by local investment firm Biopath Ventures and US early-stage venture capital firm Arch Venture Partners.

Seeds Capital, Enterprise Singapore’s investment arm , also participated in the round.

A spin-off of ASTAR in 2016, One BioMed is developing digital health platforms for diagnostic testing.

It plans to use the fresh funds to commercialize its first product, which is an automated sample preparation device for purification and isolation of nucleic acids from a range of samples.

The company said the device serves as the foundation for its next-generation platforms.