HASSELT, Belgium, Nov. 15, 2016 /PRNewswire/ -- UgenTec, the Belgian company that is developing independent PCR analysis software based on artificial intelligence and machine learning, closed a €2.15M post-seed funding round. The new funds come from the current investors but also from a credit facility of BNP Paribas Fortis. The additional funding follows the strong growth in sales & operations during 2016.
Now that a multitude of laboratories and diagnostic companies have signed contracts, the company continues its international expansion. Besides that, UgenTec is in the final stages of negotiation with several other key leaders in the diagnostic field. The Belgian company has also booked considerable operational success, receiving its ISO 13485 certificate & CE IVD label in October.
"We are excited that our investors express enduring trust in our business and want to invest in order for faster growth," says Tom Martens, managing director at UgenTec. He also stated that the new capital will be used for the development of new requirements and to expand sales internationally.
With the new capital, the company will continue on delivering customer value. In 2017 it will release new features to consolidate its position as the world's leading independent platform to support laboratories in everything related to their PCR interpretation and PCR data processing.
UgenTec is currently developing the world's first intelligent platform to automate PCR data interpretation independent of the device or assay. The company has acquired €3.45 million in funding from several market experts. UgenTec is currently planning European expansion with FastFinder. Current customers include several international diagnostic enterprises that manufacture PCR assays & molecular diagnostic laboratories which want to standardize and automate the time consuming and manual parts of their PCR workflow.