BioCODE, a South African health-tech startup has raised an investment of $473,000. The investors include Stellenbosch University (SU) and University Technology Fund (UTF). BioCODE will use the investment to develop a quick inflammatory test.
The Chief Director of Innovus, the university’s Technology Transfer and Innovation Division explained more about the investment decision, states that ” From small beginnings, the team has put in hard work and is set to bring their innovation to market”,
“Innovus Technology Transfer and Stellenbosch University LaunchLab have been working closely with the team and has provided support to them by protecting their intellectual property right, raising investment and funding, setting up the company, and forming partnerships.”
No wonder that the UTF recognized their invention as a worthwhile investment.”
This is the second time the university technology fund, a venture fund that emphasizes the commercialization of university-based technologies and research in South Africa, is investing in BioCODE. The UTF investment was R5 million, while the SU investment was R2 million which is part of the partnership with UTF.
The appointed fund manager for the UTF is Stocks & Strauss, who stated that through Wayne Stocks, its partner, that BioCODE being at the forefront of preventative medicine makes the investment a global potential since the future of medicine is mainly hinged on prevention instead of cures.
BioCODE was established as a result of the collaboration between the Department of Electrical and Electronic Engineering and the Physiological Sciences Department of Stellenbosch University. The founders and researchers of BioCODE include Professor Willie Perold, Professor Resia Pretorius, and Professor Anna-Mart Engelbrecht.
BioCODE is recently working to develop a quick test that consists of feeding data to its Internet of Things (IoT) platform that can be used in tracking patients and their outcomes and provide results in minutes.
The test can help quick detection of inflammatory chemicals in the bloodstream and is expected to be one of many disease risk screening tools developed by the startup.
