iFAST Diagnostics
UK diagnostics company iFAST Diagnostics has announced the successful close of its $6.5 million (£5 million) seed round.
iFAST has developed a technology that tests bacteria to determine the most effective antibiotics in under three hours. The company says this is a significant advancement compared to the current 48-72 hours required. Using a microchip to analyse thousands of bacteria electrically, the system ensures that patients get the right treatment faster, potentially saving lives, especially in critical cases like sepsis and drug-resistant infections.
The oversubscribed round was led by KHP Ventures, the first NHS-anchored venture fund, with existing investors Qantx, UKI2S (Managed by Future Planet Capital), Kadmos, and angels reaffirming their commitment. New investors EInk, RAW Ventures, and OKG Capital have also joined.
Toby King, CEO of iFAST said: “We are incredibly excited to receive the investment we need to bring our technology to market just a couple of years after founding the company. The thought of saving patients’ lives through them having the correct antibiotic at the right time is hugely motivating for the whole team. I’d like to thank all our existing investors for continuing to support us, and KHP in particular for leading the round, as well as EInk, RAW, and OKG for having the conviction to come on board at this pivotal time for our business.”
Tim Irish, Partner at KHP Ventures added: "iFAST is ideally placed to tackle the ever-increasing global threat of antimicrobial resistance. The technology is 10x faster than the current gold standard for AST while maintaining the same levels of accuracy, throughput, and cost. We are excited to partner with iFAST and concurrently help the NHS achieve its 5-year plan to combat antimicrobial resistance."
Richard Haycock, CEO of Qantx added: “We are proud to continue our support for iFAST Diagnostics as they build technology to transform the way clinicians identify and treat antibiotic-resistant infections. The amazing progress the team has made in the last 18 months is a testament to their hard work, and we're excited to see their solution be made available to hospitals in the UK, Europe, and the US with this investment.”
The proceeds from this round will be used to bring iFAST’s rapid Antimicrobial Susceptibility Testing (AST) platform to market in the UK in early 2025, with launches in the US and EU soon after. The platform delivers both qualitative and quantitative results in under three hours. The company says that with current gold-standard methods, 48-72 hours are required.
Hassan Mahmudul, Investment Manager at UKI2S (managed by Future Planet Capital) said: "iFAST's progress is exceptional. Since our initial investment, the team has demonstrated the ability to translate groundbreaking research into a scalable solution.
“This funding marks a pivotal step toward transforming patient outcomes globally. At UKI2S, we specialise in catalysing growth for early-stage companies, unlocking significant downstream investment and accelerating innovations that address critical healthcare challenges.
“We are proud to continue supporting iFAST as it tackles antimicrobial resistance head-on, a mission that aligns perfectly with our commitment to impactful and economically transformative technologies."
