Irish company has developed a blood and lab test for Covid-19 with both 15-minute and 24-hour results.

Founded by Peter Foley, a law and business graduate, health insights company LetsGetChecked has raised $71m (€65.4m) in funding to support its drive into testing for Covid-19.

The Dublin-headquartered firm has developed a two-part test for Covid-19/coronavirus that proves an immediate result within 15 minutes and which is followed within 24 hours by a full lab analysis based on oral and nasal swabs.

“With the onset of Covid19, we realigned resources with a view to helping with this global pandemic and are currently delivering tens of thousands of tests per day to critical and frontline healthcare workers”

The company employs 250 people between Dublin and New York and has infrastructure that includes a certified lab in New York and a logistics network to enable it to address the challenge of mass testing.

The latest funding round will support the manufacturing and supply of test kits for Covid-19 as well as scaling up its lab capacity and business operations in Europe and the US.

The latest funding round was led by Illumina Ventures and HLM Venture Partners as well as new investors that include Deerfield, CommonFund capital and Angeles Investments as well as exiting investors Transformation Capital, Optum Ventures and Qiming Venture Partners USA.

Rich health insights

LetsGetChecked is a leading health insights company that allows consumers direct access to a wide range of testing options and clinical services from home. Founded in 2015, the company empowers people to take an active role in their health to live longer, happier lives.

By combining health data and diagnostic results, LetsGetChecked provides rich health insights to enable better healthcare decision making. LetsGetChecked tests cover general health, men’s health, women’s health, and sexual health, and are available nationwide in the US, Canada, and Europe.

“We have been developing our platform for more than five years and have helped hundreds of thousands of individuals by enabling access to high-quality testing and telehealth services in the home, across many health conditions,” said LetsGetChecked founder and CEO Peter Foley.

“With the onset of Covid19, we realigned resources with a view to helping with this global pandemic and are currently delivering tens of thousands of tests per day to critical and frontline healthcare workers.

“We are working hard to deliver COVID-19 testing into the home and hope to have an answer soon. At-home testing has never been more important as consumers around the world look for new and trusted methods for managing their health,” Foley added.

The latest funding round brings to $113m the amount raised by the company following a previous Series B round in 2019 for $30m and a Series A round in 2018 for $12m.

In November the company revealed plans to create 120 new jobs in New York and Dublin, with 70 of the roles being located in Dublin and the remainder internationally.

Pictured at top: LetsGetChecked founder Peter Foley and CEO Peter Foley

Written by John Kennedy (john.kennedy3@boi.com)

Published: 6 May, 2020

Recommended