RICOVR Healthcare raises $1.5M to commercialize rapid point-of-care testing device for Cannabis & COVID-19
RICOVR Healthcare announced that it has raised $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 to commercialize its point-of-care testing device for 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 round of funding is further evidence 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 construction, transportation, retail, and manufacturing industries have expressed interest in our device to safely reopen workplaces and test for THC. 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. The new funding was led by Achari Ventures, with participation from 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 to solve 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 solve their pre-screening needs in a more efficient manner.”
About RICOVR
RICOVR Healthcare is the creator of the XALIVA rapid diagnostics platform that provides high-quality, rapid diagnostics results using a small amount of saliva. Company’s product pipeline includes rapid point-of-care tests for Covid-19, THC & drugs-of-abuse, and infectious diseases. The Company boasts a distinguished advisory board and management team of scientists and engineers committed to making a positive impact on society. In addition, the company has strong partnerships with leading research institutions and medical device manufacturing companies around the globe.
