An NHS backed lab Rightangled has launched a crowdfunding offering on Crowdcube quickly topping its £50,000 target now standing at £354,131 backed by 655 investors. Rightangled is offering equity in the company at a pre-money valuation of £9.5 million. The offering was made available at the end of last week rocketing past is initial goal within hours.
The young company that was seed funded by NHS is a DNA testing lab that provides COVID-19 testing and, according to a release, is receiving “huge demand from corporate businesses wanting to order test kits to protect the health of their workers.” The company claims to be “one of the UK’s leading DNA and wellness testing labs.”
The additional funding will be used for working capital to help fulfill the volume of orders, according to the company.
According to a previous report from 2019, Rightangled also offers four tests: Heart DNA, Fitness DNA, Women Wellness, and Wellness Pro. These services are also available for US consumers.
Rightangled was founded by CEO Abdullah Sabyah, a registered CQC [Care Quality Commission] healthcare professional.
Sabyah said that in looking at the data of other countries like South Korea, it is clear to see that a robust testing process is the key to helping bring life back to normal and ensuring safety at the workplace as people start returning to their normal routines:
“Ever since we launched our COVID-19 testing kits we have seen a huge demand from businesses wanting to limit the risk of the virus being transmitted in the workplace. Whilst we were initially able to fulfill this demand, it is showing no signs of slowing down as we are yet to come through the other side of the pandemic, and people are recognising that home-delivered sampling kits are the best, quickest and safest way to conduct testing with minimal contact. We have had success with crowdfunding in the past and it has been instrumental in allowing us to undergo the important work that we do. We hope that we are able to secure additional funding to cement our position in the marketplace as the leading home testing kit provider and launch finger blood testing delivered to our customer base and partner clinics.”
So is the COVID-19 testing something that is a one-time event with demand set to diminish as the pandemic cools down? Perhaps, but demand for rapid testing for COVID-19 and other diseases should continue at heightened pace once the crisis ends.
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