Strand Life Sciences, a bioinformatics and diagnostics company, on Thursday, announced it had raised $13 million from private equity firms, including Singapore-based Quadria Capital.
“The total funds raised from Quadria Capital and Heritas Venture Fund, which is also Singapore-based, is $13 million,” a company official said on the condition of anonymity.
Strand Life Sciences acquired Triesta Sciences, a unit of Healthcare Global Enterprises (HCG), on January four for an undisclosed amount. The merger aimed to create an integrated platform with end-to-end capabilities in proprietary analytics, clinical research, genome technologies and a network of laboratories.
Quadria Capital manages assets worth more than $1.5 billion and has invested in 18 companies across the Asia-Pacific region. New Delhi-based HealthQuad, a healthcare-focused venture capital fund, which invests in early stage companies, also participated in the round, according to a company statement.
Next phase of growth
“The partnership with Quadria and HCG will help launch Strand into the next phase of growth and into an era where data analytics and molecular measurements together change diagnosis and treatment paradigms,” Dr. Ramesh Hariharan, CEO, Strand Life Sciences, said.
Strand’s clinical offerings include oncology, fertility, genetics, infectious diseases and preventive care through its 15 laboratories in metros and emerging cities.
“The demand for specialised diagnostics has been rising rapidly across the region,” said Dr. Amit Varma, managing partner and co-founder, Quadria Capital. “With diagnostics moving beyond just identification of infections to becoming an integral part of management and therapy, we see a huge potential in this area,” he added.
