Copenhagen-based startup VenomAid Diagnostics has raised $1 million in funding from a select group of private Business Angels and the philanthropic venture fund Good Ventures LLC. The startup empowers medical personnel to perform early and correct treatment of snakebites by detecting which venom, if any, is present in the blood of the patient, even before symptoms develop, thereby decreasing the risk of the patient dying or suffering permanent morbidity. The recent funding will accelerate the product development and commercialization plans of the startup.
Founded in 2018 with a mission of reducing the global burden of snakebites, VenomAid Diagnostics has developed an affordable, easy-to-use, in vitro diagnostic prototype for the management of snakebites. The simple, portable device uses a small amount of blood from the patient to quickly identify the type of venom in the patient’s bloodstream. This enables healthcare workers to quickly and accurately diagnose the type of snakebite and administer the appropriate treatment, increasing the chances of survival and reducing the risk of permanent disability.
The World Health Organization estimates that there are approximately 5.4 million snakebites each year, with up to 2.7 million resulting in envenoming. One of the main challenges in treating snakebites is the difficulty in identifying the snake species that bit the victim. This is important because different snake species have different venoms, and the appropriate treatment varies depending on the specific type of venom. Despite this global health burden, there are currently no widely available rapid diagnostic tests for snakebite envenoming. VenomAid aims to fill this critical need by providing rapid and accurate diagnostic tests that empower more clinical personnel to correctly diagnose snakebites.
VenomAid’s lead asset, the Bothrops kit, has shown the ability to detect several snake venoms from the Bothrops genus, despite variance in venom composition. The test can even be used in resource-limited settings, enabling a larger fraction of the healthcare system to provide a proper diagnosis. Currently, snakes from the Bothrops genus account for 70-80% of snakebites in South America, resulting in death and disabilities among those affected, leading to even larger socio-economical consequences for local societies.
Jonas Arnold Jürgensen, CEO of VenomAid said: “This financing is a vital step in addressing one of the world’s most neglected tropical diseases. Current diagnostic tools for snakebites are often expensive and difficult to use in remote areas, which means that many snakebite victims do not receive the appropriate treatment in time. If successful, VenomAid’s technology has the potential to transform snakebite management by reducing time from bite to treatment and ensuring that the correct treatment is administered. In turn, this will save lives, prevent disabilities, and drive economic growth in some of the world’s poorest and most marginalized communities. We are happy to see the VenomAid family growing and are looking forward to ‘fight the bite’ with our new investors.”
The new investment will allow VenomAid to further develop its technology platform and bring the company’s lead diagnostic test to the market, ultimately transforming snakebite management with the power of affordable and simple diagnostics.
Chris Somerville of Open Philanthropy, which recommended the investment to Good Ventures LLC, said: “We supported an investment in VenomAid because it is on track to develop and deploy a series of products that will greatly facilitate rapid diagnosis and treatment of snakebites, resulting in significant reductions in mortality and disability around the world.”
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