RICOVR Healthcare raises $1.5M to commercialize its rapid testing device
RICOVR Healthcare announced $1.5 million in funding to commercialize its point-of-care testing device for THC and COVID-19.
Princeton, NJ, April 19, 2021 (GLOBE NEWSWIRE) — RICOVR Healthcare, creator of the XALIVATM rapid diagnostics platform, announced that it has raised $1.5 million in funding. The funding will help commercialize its point-of-care testing device for Cannabis (THC) and COVID-19. The Company’s novel biosensor platform uses a small amount of saliva to provide lab-quality, quantified, low-cost diagnostics in approximately five minutes.
This successful funding round is further evidence that the market continues to search for solutions that can simplify THC and COVID-19 testing procedures and provide highly accurate data quickly and affordably. RICOVR has received multiple awards for the novel XALIVA platform, and this funding round will primarily drive commercial execution and go-to-market.
”It’s affirming to have the support of our investors as we look to launch RICOVR’s innovative biosensor platform XALIVA. The capital, knowledge, and network our investors bring to RICOVR Healthcare will enable us to achieve our goal. Pre-validation testing results of the device have shown the true potential of our saliva-based platform by successfully identifying various biomarkers. Our technology is set to disrupt the huge and fast-growing drug testing and diagnostic market,” said Dr. Himanshu Bhatia, CEO and Founder of RICOVR.
Piyush Sadana, COO and Co-Founder of RICOVR, said, “We are excited to move towards commercialization of XALIVA with this latest round of investment. Multiple employers in the construction, transportation, retail, and manufacturing industries have expressed interest in our device to reopen workplaces and test for THC safely. In addition, as states are legalizing recreational marijuana, law enforcement agencies are looking for a convenient and accurate roadside test to pre-screen for drivers under the influence. The investment proceeds will be used to complete RICOVR’s platform development, scale-up production capabilities, and drive successful commercialization.”
RICOVR has now raised a total of $3.0 million. Achari Ventures led the new funding, which was participated in by Halley Venture Partners and strategic investors.
Vikas Desai, Managing Partner of Achari Ventures, added, “We’re excited by the initial findings around the efficacy of the XALIVA platform in solving a critical unmet need in the marketplace. By focusing on large labor forces, we believe the Company can accelerate commercialization at an attractive price point for end customers and more efficiently solve their pre-screening needs.”
About RICOVR
RICOVR Healthcare is the creator of the XALIVA rapid diagnostics platform, which provides high-quality, rapid diagnostics results using a small amount of saliva. The Company’s product pipeline includes rapid point-of-care tests for COVID-19, THC and drugs-of-abuse, and infectious diseases. The Company boasts a distinguished advisory board and management team of scientists and engineers committed to positively impacting society. In addition, the Company has strong partnerships with leading research institutions and medical device manufacturing companies around the globe.
