Makers of a health-care device that enables users to conduct their own in-home blood tests are receiving $250,000 in funds to advance its development.
Sudbury’s Verv Technologies is the recipient of funding from the Sudbury Catalyst Fund, a venture capital fund that provides seed money to scalable tech startups.
The $5-million fund is jointly administered by the Nickel Basin Federal Development Corp., the City of Greater Sudbury, FedNor, and NORCAT.
This marks the second time Verv has received support from the fund. Verv received an earlier $250,000 in 2020.
"We are grateful and truly appreciative of this financial support," said Jeff Sutton, Verv’s founder and president, in a Jan. 9 news release.
"We are poised for growth and look forward to having a positive impact on the community and beyond. This investment is also an endorsement of our innovation, progress, and the need to empower people and transform care."
Verv’s device, called Vi, enables users to apply a drop of blood to test for markers of health cholesterol and hormone levels.
Results are ready in 15 minutes, and can also be sent to a user’s smartphone via an accompanying mobile app.
Among the benefits of its technology, Verv touts convenience, better access to diagnostics in underserviced areas, and reducing wait times in urban areas.
"We are excited to support Verv Technologies as they revolutionize traditional blood diagnostic testing and prioritize access to patient care," says Jason Sullivan, co-managing partner of the Sudbury Catalyst Fund and executive director of the Nickel Basin Federal Development Corporation, in the release.
"We are looking forward to their continued growth and expansion in our community."
The funding news follows an October announcement that Verv has completed its first prototype, putting it closer to getting regulatory approval.
