It was announced by Goa-based Molbio Diagnostics that global investment company, Temasek has invested $85 million in the company. The diagnostic firm is known for its molecular diagnostic platform, Truenat Technology. The Truenat technology is the first in the world to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of tuberculosis.
As per Molbio, Temasek coming aboard, along with existing investors like Motilal Oswal Alternates, will strengthen further and expedite the firm’s ability to develop and commercialize a wide range of near-care technologies, based on clinical need gaps. The company further claimed that this achievement will also help them in fast-tracking their efforts to take the Truenat platform to global markets.
Sriram Natarajan, Director and CEO, Molbio Diagnostics, stated, “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”.
As per the diagnostic firm, Allegro Capital acted as exclusive advisors for this transaction.
According to the company, the Truenat technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, quick, and accurate diagnosis of infectious diseases, assisting in appropriate treatment on time. 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.
