Phase Scientific, a company developing urine-based diagnostics tests for early disease detection, announced it completed a $34 million Series A funding round.
A private equity fund managed by Asia-based Value Partners Group led the round, with backing from other new investors and existing global investors.
The biotechnology company’s test Phasify uses urine concentration technology for molecular diagnostics, allowing for multi-cancer detection. It says its test captures over 10 times more biomarkers than industry gold standards.
Phase Scientific was spun out of UCLA’s bioengineering program in 2015 but is headquartered in Hong Kong. It has a cross-border setup in Southern California and China’s Greater Bay Area.
“The successful close of this landmark Series A financing validates the transformative potential of our technology and the growing global demand for accessible, accurate early disease detection,” Dr. Ricky Chiu, founder, chairman and CEO of Phase Scientific, said in a statement.
“With this capital, we will accelerate R&D and commercialization efforts to bring a comprehensive suite of next-generation urine-based diagnostics to market.”
AI-enabled behavioral healthcare engagement company Ontrak has secured a $10 million financing commitment from Acuitas Capital.
Ontrak combines human expertise with technology to offer personalized behavioral healthcare to high-acuity individuals. It also provides data analytics to identify individuals who could benefit from behavioral health tools.
“We appreciate the continued support of Acuitas Capital as we advance our mission to transform healthcare. This financing commitment will allow us to accelerate our growth initiatives, enhance our technology platform, and deliver even greater value to our customers and stakeholders,” Brandon LaVerne, CEO of Ontrak, said in a statement.
Rad AI, a generative AI radiology workflow company, has secured an additional $8 million in strategic investment, bringing its Series C funding to $68 million.
Its latest funding was led by four health systems: Memorial Hermann Health System, Advocate Health, Atlantic Health System and Corewell Health.
Rad AI offers radiologists genAI tools to help streamline workflows, such as physician dictation and follow-up care management.
The company announced in January that it secured $60 million in an oversubscribed Series C funding round, which, at the time, brought its total raise to more than $140 million and bumped its valuation to $525 million.
“The impact of AI in healthcare is no longer theoretical – it’s happening right now at scale,” Doktor Gurson, cofounder and CEO of Rad AI, said in a statement. “It’s an honor to collaborate with these leading health systems to expand that impact even further, building solutions that improve care for millions of patients.”
In 2024, the company scored $50 million in Series B funding.
