iFAST Diagnostics, a UK-based diagnostics innovator, has announced the successful close of a €5.9 million seed funding round led by KHP Ventures, a medtech-focused investment fund backed by the NHS, and saw participation from new investors, including EInk, RAW Ventures, and OKG Capital, alongside support from existing backers such as Qantx, UKI2S, and Kadmos.
Founded in 2022, iFAST is developing a high-throughput AST system that uses microchip technology to analyze bacterial samples quickly and accurately. This advancement enables doctors to administer the most effective antibiotic treatment sooner, a development that could save lives in critical cases such as sepsis and drug-resistant infections. The company aims to launch its technology in the UK in 2025, with plans to expand to the US and EU markets shortly after.
Rapid and life-saving technology
iFAST’s technology works by electrically analyzing thousands of bacteria on a microchip, delivering both qualitative and quantitative results with impressive speed. This technology aligns closely with the NHS’s objectives to combat antimicrobial resistance within a five-year timeframe, potentially transforming patient outcomes and enhancing healthcare resilience against drug-resistant infections.
Commenting on the funding milestone, Toby King, CEO of iFAST, said: “We are incredibly excited to receive the investment we need to bring our technology to market just a couple of years after founding the company. The thought of saving patients’ lives by having the correct antibiotic at the right time is hugely motivating for the whole team. I’d like to thank all our existing investors for continuing to support us, and KHP in particular for leading the round, as well as EInk, RAW, and OKG for having the conviction to come on board at this pivotal time for our business.”
Tim Irish, Partner at KHP Ventures, highlighted the importance of iFAST’s technology: “iFAST is ideally placed to tackle the ever-increasing global threat of antimicrobial resistance. The technology is 10x faster than the current gold standard for AST while maintaining the same levels of accuracy, throughput, and cost. We are excited to partner with iFAST and concurrently help the NHS achieve its 5-year plan to combat antimicrobial resistance.”
Richard Haycock, CEO of Qantx, praised the company’s achievements and potential impact: “We are proud to continue our support for iFAST Diagnostics as they build technology to transform the way clinicians identify and treat antibiotic-resistant infections. The amazing progress the team has made in the last 18 months is a testament to their hard work, and we’re excited to see their solution be made available to hospitals in the UK, Europe, and the US with this investment.”
A Step Towards Addressing Critical Healthcare Challenges
With antimicrobial resistance recognized as a major global health concern, iFAST’s AST platform offers a solution that could significantly impact patient care and health outcomes worldwide. Hassan Mahmudul, Investment Manager at UKI2S, shared his thoughts on the importance of this funding: “iFAST’s progress is exceptional. Since our initial investment, the team has demonstrated the ability to translate groundbreaking research into a scalable solution. This funding marks a pivotal step toward transforming patient outcomes globally. At UKI2S, we specialise in catalysing growth for early-stage companies, unlocking significant downstream investment and accelerating innovations that address critical healthcare challenges. We are proud to continue supporting iFAST as it tackles antimicrobial resistance head-on, a mission that aligns perfectly with our commitment to impactful and economically transformative technologies.”
With the funding secured, iFAST Diagnostics, aims to advance the company’s mission to address the global threat of antimicrobial resistance, will support iFAST’s breakthrough antimicrobial susceptibility testing (AST) technology, capable of delivering results in under three hours—a substantial improvement over the standard 48-72 hours.
