Connect with us

Tech

Biotech startup, 54Gene raises $500,000 to boost COVID-19 testing in Nigeria

Published

on

Health and biotech company 54Gene has raised $500,000 for a fund aimed at improving Nigeria’s capacity to carry out tests for COVID-19.

The money raised for the Nigeria COVID-19 Testing Support Fund will ramp up testing for the disease by up to 1,000 additional tests a day, the company said.

The improved capacity will be achieved by buying testing instruments, biosafety cabinets, personal protective equipment and other materials for the safety of health workers and caregivers involved in Nigeria’s response effort.

Since its founding in 2019, 54Gene has gained praise for an out-of-the box business capable of putting Africa on the global healthcare map. The startup secured a $4.5 million seed funding barely 7 months after it launched. The sum was raised from investors like YCombinator, Fifty Years, Better Ventures, KdT Ventures, Hack VC and Techammer.

At its core, the company is focused on creating the largest biobank of pan-African DNA in the world. It is a mission that could have a crucial impact on drug development, disease detection and quality of life on the continent.

54Gene launched the fund on Thursday with $150,000 after which other donors like Union Bank, a first generation Nigerian financial institution, helped to boost the amount to $500,000.

The fund will be managed to assist Nigeria’s Centre for Disease Control (NCDC) in conducting more tests across the country. 54Gene will work with the NCDC and other stakeholders to start purchasing the necessary equipment materials within days.

READ ALSO  BREAKING: COVID-19: Plateau announces total lockdown, plans to carry out fumigation

The equipment will be installed in public hospitals and laboratories across Nigeria. When the pandemic passes, they will remain in those locations for use by medical researchers and clinicians in case of any future outbreaks, the company said.

54Gene CEO Abasi Ene-Obong said the initiative for the fund was an expression of his company’s “extremely ambitious mission” to expand Nigeria’s testing capacity. He expects that the effort will increase the present rate by no less than 10 times in the coming weeks.

That could go some way in quelling public dissatisfaction with the pace of testing in Nigeria. While the number of identified cases stands at 51 giving the impression of relatively low spread, the number of tests conducted has not cracked 200.

By contrast, South Africa has carried out more than 15,500 tests. A crucial distinction between both countries has been that private sector medical outfits have been allowed to conduct tests. In Nigeria, there are only 5  accredited labs.

The NCDC has welcomed 54Gene’s help in increasing its potential to do more tests.

“This is the kind of support we need. Identify a problem, run with it and include a sustainability plan in your solution. We are very grateful for this new partnership with 54gene at a critical point in our health security,” Chikwe Ihekweazu, Director General of NCDC, said.  

The post Biotech startup, 54Gene raises $500,000 to boost COVID-19 testing in Nigeria appeared first on TechCabal.

Trending