Portugal-based startup CRIAM has raised $ 2.1 million to advance its blood group technology.
The company announced today that it has completed a $ 1 million seed round led by SOSV, Artesian and the Portugal-based Social Impact Fund. It has also received a non-dilutive grant of $ 1.12 million from the European Union’s European Innovation Council (EIC).
WHAT IT DOES
CRIAM is a portable in vitro diagnostic company that provides rapid analysis for blood type, subgroup, disease and nutrients. The device can be used in multiple scenarios, such as in a moving ambulance or in places with no internet or power.
The need to test blood type prior to a blood transfusion may result in patients being hospitalized for testing or limited O-negative supplies used. CRIAM has developed a solution to test blood type in minutes.
The company has already conducted successful clinical studies with the Hospital Corporation of America (HCA) in the US, Hospital Santa Maria and Hospital de Braga in Portugal, and the Birmingham Bio-Hub in the UK. The device is expected to receive regulatory approval in early 2023.
CRIAM also uses its platform to conduct research and development for the detection of infectious diseases, with a current focus on serological testing for COVID-19 and malaria.
WHAT IT IS FOR
The funds will be used to advance the development of point-of-care technology for blood typing and disease diagnosis of CRIAM.
MARKET SNAPSHOT
The NHS recently announced that it is launching the world’s largest study of a blood test that can check for 50 types of cancer before symptoms appear. The Galleri test, developed by health technology company GRAIL, works by finding chemical changes in fragments of cell-free DNA (cfDNA) of the genetic code that enter the bloodstream from tumors.
Meanwhile, Israeli blood test startup Sight Diagnostics is working with Sheba Medical Center near Tel Aviv to reduce the risk of COVID-19 infection. Sight’s compact OLO blood analyzer delivers quick results for a complete blood count in a dedicated laboratory.
Sight OLO was also used at John Radcliffe Hospital, Oxford University Hospitals NHS FT, to provide blood count tests for patients in the emergency rooms and to help validate an AI triage system for COVID-19.
In 2018, blood testing company Theranos was prosecuted for raising $ 700 million from investors by fraudulently claiming it had successfully developed a commercially viable portable blood analyzer that could perform a variety of laboratory tests on a small sample of blood.
ON THE RECORD
Vitor Crespo, CEO of CRIAM, said: “The lack of affordable and portable blood testing equipment makes transfusions difficult in emergency scenarios and leads to a reliance on an O-negative blood supply.”
Cyril Ebersweiler, general partner at SOSV and founder of SOSV’s HAX Hard Tech Program, said, “CRIAM’s solution is a game changer for critical situations and shows strong potential for detecting various diseases and pandemics that could open up another huge market.”
