Inanovate raised more than three million dollars in mid-February to continue its efforts to build better tools for identifying genetic markers with smaller blood samples.
Inanovate is a hardware device that sits on a table top. This device takes small sample sizes (usually blood) and puts them through the proprietary testing elements. It is fast and accurate.
One of the first biomarkers tested is for breast cancer. Through early tests with Sanford Health Systems, Inanovate was able to identify seven proprietary biomarkers that are early warning signs for breast cancer.
The company believes this low-cost test will allow patients to discover breast cancer and other diseases early enough that treatment can be effective. This allows clinics to back-check other screening devices without expensive imaging – replacing a second mammogram with a blood test.
The company received its most recent funding round from South Dakota Equity Partners, Mr. T. Denny Sanford, and Sanford Frontiers, a corporate affiliate of Sanford Health. This equity funding round follows an NIH SBIR award of $2 million.
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The company is led by CEO David Ure. Mr. Ure and Dr. James Nelson, Chief Technology Officer, are the original inventors of the Longitudinal Assay Technology used by Inanovate. The company also has an office in Raleigh, North Carolina.
To find out more about the company, check out their website at www.inanovate.com.
