Atlas Genetics raises $20m

Ellie Pullen
29 January 2015

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Atlas Genetics, a UK molecular diagnostics company, has secured $20m in its series-C funding round from a syndicate of new and existing investors including RMI Partners and Novartis Venture Funds.

RMI Partners is a new backer of the company. It has invested alongside a consortium of existing investors comprising Novartis, Consort Medical, Johnson & Johnson Innovation (JJDC), Life Sciences Partners (LSP), BB Biotech Ventures and Technology Venture Partners (TVP).

TVP is a spinout from YFM Equity Partners. It span out in May last year and now manages the South West Ventures Fund, which was used to invest in Atlas Genetics.

Atlas Genetics will use the fresh capital to commercialise its 'io' molecular diagnostic system. The company's first product, a test for chlamydia, is expected to launch in Europe later this year.

The business will also use the funding to initiate US clinical trials.

Previous funding
Atlas Genetics first received seed funding in October 2005, raising £500,000 from YFM (via the South West Ventures Fund) and GEIF Ventures.

In August 2006, the two firms injected a further £500,000 into the business alongside private investors. YFM supplied £150,000, while GEIF invested £90,000 and private investors provided the balance.

In February 2008, YFM led a £2.1m round for Atlas Genetics alongside GEIF, Braveheart Ventures and private investors.

In July 2011, the company secured £16.9m in series-B funding from BB Biotech, JJDC, Consort, LSP, Novartis and private investors.

Company
Founded in 2005 and headquartered in Bath, Atlas Genetics is a molecular diagnostics company focused on 'ultra-rapid' diagnostic tests for infectious diseases.

The company's io system is used to test for sexually transmitted infections and hospital-acquired infections.

People
John Clarkson is the CEO of Atlas Genetics. Maxim Gorbachev is a partner at RMI.