Dxcover, a clinical-stage diagnostics company pioneering its multiomic spectral analysis (MOSA-Dx) for early detection of solid tumor cancers, announced its next key stage of growth with the closing of significant funding to drive innovation and expand its commercial presence. The funding, which will total $6.2 million, underpins the confidence of the investors in Dxcover’s mission to transform cancer diagnostics and save lives by delivering the earliest cancer diagnosis possible. This also brings the total funding raised by Dxcover to $21.4 million since spinning out from the University of Strathclyde in 2019.
This funding was led by existing investors Eos Advisory, SIS Ventures, the University of Strathclyde, and Norcliffe Capital. Notably, this round saw new investors the Investment Fund for Scotland (IFS) managed by Maven Capital Partners and delivered by the British Business Bank, as well as Macmillan Cancer Support, join and further diversify the investor base, enhancing Dxcover’s capability to accelerate growth.
With these acceleration funds, Dxcover will further advance its proprietary technologies and scale its operations as it expands into new markets and indications. Dxcover, who incorporated in the US in 2024, will establish its US headquarters in Nashville, Tennessee, to serve the US market, as well as commercialize its Brain Cancer Liquid Biopsy test across the UK and Europe.
To accelerate its leadership in cancer diagnostics, Dxcover announced key leadership appointments, with co-founders Dr David Palmer and Dr Holly Butler assuming the roles of Chief Scientific Officer and Chief Technical Officer, respectively. Drs Palmer and Butler have extensive experience in developing Dxcover’s proprietary technology and leadership of high-growth teams. In addition, Dr David Eustace will take on the role of General Manager, assuming operational responsibility for UK and US sites.
These positions reflect an expansion of the technical and leadership base, accelerating Dxcover’s plans to expand into other territories and indications.
KEY QUOTES:
“This round of investment will further advance our mission to transform cancer diagnostics. It will accelerate our expansion into the United States and drive commercialization and translation in the UK & EU. This funding is a testament to our vision of improving outcomes and the quality of life by the earlier detection of cancer. It enables us to advance our differentiated technology and reach far more lives.”
- Professor Matthew J. Baker, Co-Founder, CEO and President of Dxcover
“The Dxcover technology combines deep technical innovation with machine learning to radically change the diagnostic landscape. Over the last three years they have conclusively shown the accuracy and ease of use of their diagnostic test across multiple cancer indications. This is very much aligned with Eos’ approach to investing in innovation that has the potential to impact positively in people’s lives. More recently the team at Dxcover have focused on building a world class international team on both sides of the Atlantic. This funding round is very much about commercialization in both the UK and the US.”
- Andrew McNeill, Managing Partner, Eos
“Macmillan is committed to doing whatever it takes to make sure people with cancer get the best possible care, right from the moment of diagnosis. For too many people affected by brain cancer, their experience is one of a long and anxious process that can involve countless visits to the doctor before they are referred into what are often stressful diagnostic tests. Dxcover’s new blood test has the very real potential to improve people’s experience of cancer care by speeding up brain cancer diagnosis and supporting healthcare decision making, while also relieving pressure on the NHS by reducing demand for complex and expensive scans.”
- Felix Litzkow, Head of Impact Investments for Macmillan Cancer Support
