KOCH INVESTS: Scaling Up Rapid COVID-19 Tests with Sense Biodetection NOVEMBER 17, 2021 2 MIN READ Koch Disruptive Technologies is leading a $15 million increase into the Series B funding round – now $65 million total – in Sense Biodetection to support the launch of its Veros™ COVID-19 product in the United States and Europe. WHY IT MATTERS: Veros has the potential to be the first and only instrument-free, single-use, rapid, point-of-care platform for molecular diagnostic testing – detecting genetic material from the virus – that produces lab-quality results within 15 minutes. This has the potential to improve testing access for more people as well as help reduce the spread of COVID-19. BY THE NUMBERS: The $15 million addition to April's original $50 million Series B round follows a study by Sense to support its Emergency Use Authorization (EUA) submission to the U.S. Food and Drug Administration (FDA) for marketing clearance of its COVID-19 test. THE BIG PICTURE: “Since our initial investment in Sense, we have witnessed the huge potential of the Veros platform and its promise to transform healthcare – and specifically its application for COVID-19 testing,” said Brett Chugg, senior managing director, Koch Disruptive Technologies. “We are enthusiastic about Sense’s future and its potential to change the way medical providers and patients approach healthcare, and we look forward to supporting the company as it seeks EUA and launches its first test.” THE BOTTOM LINE: High costs, delays and requirements for expensive equipment and training have limited the scale of laboratory-based molecular methods. The increased funding and the submission for Emergency Use Authorization to the U.S. FDA are two important milestones in bringing the solution to clinicians. “People with suspected COVID-19 infection and other deadly and costly diseases must know quickly whether they are infected. Our aim is to overcome the barriers of current diagnostic testing with an easy-to-use, rapid, disposable molecular test,” said Timothy I. Still, CEO of Sense. GO DEEPER: KDT's investments in Sense are part of its broader portfolio focused on healthcare innovations to help people improve their lives. Koch’s relationship with Sense goes beyond these investments, too. Before the COVID-19 pandemic, Phillips-Medisize – a medical technology subsidiary of Koch company Molex – and Sense collaborated to develop a pilot line of rapid influenza tests with the Veros platform. The team then pivoted to focus on a COVID-19 product. Read the press release from Sense. SHARE TWEET SHARE TAGS: ACQUISITIONS & INVESTMENTS COVID-19 KOCH DISRUPTIVE TECHNOLOGIES KOCH INVESTMENTS GROUP Get updates right in your inbox. Stay up to date with all the news from Koch. Continue Reading NOVEMBER 12, 2020 Going the Distance: Unique Collaboration Makes Remote Learning More Successful for Wichita Teens JULY 1, 2020 Molex Provides Backbone for Supercomputer Battling COVID-19 JUNE 24, 2020 Rising to the Challenges of COVID-19 Koch Industries News 2021 KOCH INVESTS: Scaling Up Rapid COVID-19 Tests with Sense Biodetection Food. Shelter. Clothing. Transportation. Koch Industries creates life’s basic necessities, while innovating ways to make them even better. Yet our advocacy for a free and open society is what truly sets us apart. Follow Koch Industries .footer-glassdoor-icon{fill-rule:evenodd;clip-rule:evenodd;fill:#ffffff;} About What We Do Business Philosophy Our Locations Companies Flint Hills Resources Georgia-Pacific Guardian INVISTA Molex Koch Ag & Energy Solutions Koch Engineered Solutions Koch Disruptive Technologies Koch Equity Development Koch Minerals Koch Supply & Trading Careers Responsibility Environmental Performance Safe operations Organizational Ethics Breaking Barriers Taking a Stand Giving Scholarships News Business Updates Breaking Barriers Perspectives Features Get updates from Koch delivered right to your inbox. Contact Us Terms of Use Privacy Policy Code of Conduct California Supply Vendors Disclosures Cookies Settings © 2021 Koch Industries, Inc. All rights reserved. We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Read about how we use cookies and how you can control them by clicking "Cookie Settings."Cookie Policy Cookies Settings Accept All Cookies