Advantage Capital (a leading impact investment firm that invests with intention in underserved areas), in partnership with the Community Development Venture Capital Alliance (CDVCA), announced a $5 million investment in Gravity Diagnostics. Based in Covington, Kentucky, Gravity Diagnostics is a clinical lab providing testing solutions in toxicology, pharmacogenetics, infectious and upper respiratory diseases, blood diagnostics, and COVID-19 testing.
This funding enables Gravity Diagnostics to enhance its state-of-the-art facility, expand its service offerings, and support new product development. The company also plans to hire additional employees across sales, marketing, and other functions, growing its workforce to more than 300.
The funding was made through the Kentucky New Markets Development Program (NMDP), which was established in 2010 to attract private capital to low-income communities. And the program bridges financing gaps for businesses, driving job creation, community revitalization, and economic development across the state.
KEY QUOTES:
“This funding provides critical capital to expand our compliant testing services, making it easier for ordering providers to confidently diagnose and chart treatment plans. Our advanced laboratory delivers exceptional service to healthcare partners across the nation ensuring top-quality, compliant testing for their patients.”
- Tony Remington, Co-Founder and CEO, Gravity Diagnostics
“Through the Kentucky New Markets Development Program, we provide essential financing to growing businesses that have been overlooked by traditional forms of capital. We’re proud to support Gravity Diagnostics as it continues delivering cutting-edge testing services during a pivotal time for healthcare, both regionally and nationwide.”
- Jeff Gentsch, Venture Partner at Advantage Capital
“We are pleased to partner with Gravity Diagnostics, an innovative leader in healthcare technology. The company’s strong growth is advancing modern diagnostic services and delivering meaningful, local economic impact, including the creation of significant numbers of good jobs in their local community.”
- Kerwin Tesdell, President of CDVCA
