Poland’s Geneme Secures €5.2M Seed Funding

GeneMe, a biotechnology firm headquartered in Poland and specializing in COVID-19 testing, has successfully obtained €5.2 million in seed funding. This investment round was spearheaded by Robin Tombs, a co-founder of Yoti and formerly with Gamesys, alongside contributions from a group of other angel investors.

The company has created and secured a patent for a versatile protein (polymerase) utilized in RT-LAMP testing, facilitating the creation of exceptionally precise, quick, and genetically-based COVID-19 tests. GeneMe currently offers three molecular NAAT COVID-19 tests: FRANKD, SAVD, and ICED. FRANKD has received CE IVD approval and has been submitted for FDA EUA authorization, and is currently deployed in more than twenty nations. Independent research conducted by the Scottish government has recognized FRANKD as the most accurate and rapid COVID-19 test currently available. The FRANKD testing solution has already been implemented by Heathrow Airport, Virgin Atlantic, and the television program “Britain’s Got Talent.”

According to Dawid Nidzworski, CEO of GeneMe, the company’s interests extend beyond immediate health concerns to encompass genetic predispositions, including aptitudes, athletic capabilities, learning challenges, and individual responses to substances like caffeine. He envisions a future where individuals can perform genetic analyses conveniently at home.

Robin Tombs, co-founder of Yoti, commented that GeneMe’s groundbreaking methodology is poised to significantly impact the field in the coming years, enabling more frequent testing at the point of care and at a reduced cost.

GeneMe originated as a spin-off from The Institute of Biotechnology and Molecular Medicine (IBMM), a self-governing biomedical research organization.

The company recently announced a collaborative agreement with BIOLYPH, a U.S.-based company and global leader in lyophilization services, to substantially increase the production capacity of both FRANKD and SAVD.

GeneMe’s patented technology streamlines the testing process in comparison to traditional laboratory-based RT-PCR tests. RT-LAMP tests demonstrate greater effectiveness, resulting in more reliable outcomes. Furthermore, GeneMe’s testing technology can be deployed at the point of care, allowing for the establishment of highly accurate testing facilities in workplaces and high-traffic areas like international borders.

The worldwide COVID-19 diagnostics market was valued at $84.4 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027 (Grand View Research).