Alveo Closes $38 Million in Series A Financing to Create Accessible Diagnostics Devices


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Alveo Technologies, Inc., ("Alveo" or "the Company") whose mission it is to create affordable and accessible infectious disease diagnostic devices, announced the closing of a $38 million Series A financing raised by Maxim Merchant Capital, a division of Maxim Group LLC. The round was oversubscribed and included existing and new investors. The offering proceeds will be used to advance the optimization and commercialization of Alveo's rapid diagnostic platform for infectious diseases.

"We are pleased to have attracted a strong syndicate of investors to Alveo. This funding accelerates our vision to provide lifesaving medical information to those who need it, at the most critical times -- with technology that is flexible, inexpensive, and accessible worldwide," said Ron Chiarello PhD, Founder and Chief Executive Officer of Alveo, "Our team is focused on delivering the global health benefits that are now within reach."

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