BioCODE, a South African healthtech startup, has received a R7 million ($473k) investment from Stellenbosch University (SU) and the University Technology Fund (UTF). The funds will be used to help the firm fund the development of a quick inflammatory test.
Why The Investors Invested
“From small beginnings, this team has worked hard and is now nearly ready to bring their innovation to the market,” Anita Nel, chief director of the university’s Technology Transfer and Innovation Division, Innovus, said in a statement.
“Innovus Technology Transfer and Stellenbosch University LaunchLab have been working very closely with the team and supported them in protecting their intellectual property, setting up the company, forming partnerships, and raising investment and funding.”
“No wonder that the UTF recognised their invention as a worthwhile investment.”
The UTF is investing in BioCODE for the second time. The venture fund focuses on commercializing South African university-based technologies and research.
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The fund made an R5 million contribution. As part of its partnership with the fund, SU contributed an additional R2 million.
“The future of medicine will primarily rely on prevention rather than cures,” Wayne Stocks, partner at Stocks & Strauss, the appointed fund managers of the UTF said.
“BioCODE is at the forefront of preventative medicine making it an investment with global potential.”’
A Look At What BioCODE Does
A collaboration between SU’s Physiological Sciences Department and the Department of Electrical and Electronic Engineering resulted in the launch of the company. Professor Resia Pretorius, Professor Anna-Mart Engelbrecht, and Professor Willie Perold are among the startup’s researchers and founders.
BioCODE is working on a quick test to detect inflammatory chemicals in the bloodstream.
“Serum Amyloid A (SAA) and other inflammatory molecules increase when a person has inflammation,” Pretorius explained.
“Cardiovascular disease, Type-2 diabetes, psoriasis, rheumatoid arthritis, acute COVID and even pheno-type long COVID have increased inflammatory molecules like SAA in circulation.”
The quick test yields results in a matter of minutes. The data is then fed into the startup’s Internet of Things (IoT) platform, which is used to track patients and their outcomes.
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The test is expected to be one of several disease risk screening tools developed by BioCODE.
“Ultimately, we want to lead the biotech movement in South Africa towards accessible preventative health care, and we want to empower people to take charge of their own health,” Pretorius said.
BioCODE South African healthtech BioCODE South African healthtech
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer