Precision Biomonitoring develops onsite eDNA surveillance and rapid-response diagnostic kits, including the TripleLock SARS-CoV-2 Go-Strips for early COVID-19 identification. Founded in 2016 by scientists from the University of Guelph's Biodiversity Institute of Ontario, the company supplies point-of-care DNA detection tools. In June 2020 the company received almost $5 million in funding from Next Generation Manufacturing Canada (NGen) to increase domestic production capacity. Precision is working with Canadian manufacturers and partners such as Evik Diagnostics, the Canadian Food Inspection Agency, Shared Value Solutions, McMaster Health Science Centre, Sunnybrook Health Science Centre and the Canadian National Microbiology Lab to scale manufacturing. It anticipates reaching a production rate capacity of 10,000 units per day or greater for its Go-Strips. Management says the expansion not only addresses COVID-19 testing shortages but also positions the company to expand into the growing mobile DNA applications market.

Total raised

$5M

Funding rounds

1

Latest round

Equity

Latest activity

Jun 2020