5 FEBRUARY 2020
When it comes to timely diagnosis and treatment of sexually transmitted infections (STIs), people around the world face common barriers including fear of stigma, prohibitive costs and access to medical services.
But impact-driven startup Radetec have developed an affordable, portable and easy to use test kit that gives individuals a diagnosis in under 10 minutes of multiple STIs, all from the privacy of their own home.
The new technology is set to limit the global spread of STIs, the high diagnostic and treatment costs to individuals and public health authorities, and devastating impacts that can include cancer, infertility and death.
“Our vision is to make this STI diagnostic kit really easy to access – for example from pharmacies, vending machines, online stores and local GP clinics (‘point-of-care’ testing) – so people will not need to go to a specialist clinic to get tested,” says Dr Fabio Lisi, Radetec CTO.
Fabio explains that Radetec combines B2B and B2C approaches.
“We plan to wholesale to large-scale screening programs and sell to consumers through pharmacies and eCommerce. Our aim is to serve the worldwide STI test market, valued at around US$30 billion with more than 350 million infections annually – of which at least 24,000 happen in Australia,” says Fabio.
Radetec has a strong team of experts including Fabio and co-founder John Li, who worked together on the foundational technology during their PhDs in chemistry at The University of Melbourne. The third cofounder, Lee Xie is a chartered financial analyst and former banking professional.
The team have made tremendous progress from a technical perspective and now have a minimum viable product, revenue-positive status and close collaborations with universities and research organisations around the world. Radetec was also a recipient of the City of Melbourne Small business grant in 2019. With this rock-solid foundation, the team are now raising finance to help take their technology to the world.
Radetec joined the MedTech Actuator Accelerator program in 2019 to connect with investors and raise money to test a minimum viable product.
The 15-month, industry-led, venture capital backed program for early stage MedTech startups accelerates technology development, builds team capability and provides a pathway to access up to $3m+ pre-seed to series A investment. The MedTech Actuator works alongside venture capital partner Artesian to support startups in the program.
“The program gave us great mentoring, lots of networking opportunities and very strong foundations in the diverse aspects of running your own business including business models, finance, regulatory pathways and marketing,” says Fabio.
To learn more about Radetec and follow them on their journey, go to www.radetecdiagnostics.com.
Do you have a MedTech prototype to change lives? Apply now for the MedTech Actuator Accelerator Program!