Ellume's success in raising funds this year was matched by other Australian startups developing rapid testing kits. Atomo Diagnostics hit the ASX boards in April after raising $30 million and has since gone on to develop its flagship self-test HIV product as well as rapid COVID-19 tests.
Meanwhile,Lumos Diagnostics raised $25 million in funding ahead of an anticipated ASX listing.
Like Ellume,the companies are focused on the global opportunity from rapid diagnostic tests during COVID-19 and beyond. Lumos executive chairman Sam Lanyon said Ellume’s news was “huge” for validating Australian businesses wanting to reach global markets.
“It shows an Australian company can get ahead of the pack and bring a test to market. It bodes extremely well for us and makes our job a hell of a lot easier,” Mr Lanyon said.
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Lumos Diagnostics has designed a rapid test that distinguishes whether a patient has a viral or bacterial test and has been used in pilot programs in the UK to triage patients when they present with cold-like symptoms. Mr Lanyon said the business was also considering the opportunities of at-home versions of these tests.
Atomo Diagnostics managing director John Kelly said news of Ellume’s successes “helps the sector in general and provides more confidence”.