Phase Scientific Secures $34M Series A for Urine-Based Diagnostic Testing

Phase Scientific, a company developing urine-based diagnostics for early disease detection, has secured $34 million in Series A funding led by a private equity fund managed by Asia-based Value Partners Group, with participation from new and existing global investors.

The biotechnology company, which was spun out of UCLA's bioengineering program in 2015, has developed a proprietary urine concentration technology called Phasify for molecular diagnostics. The platform enables multi-cancer detection by capturing over 10 times more biomarkers than industry gold standards, according to the company.

"The successful close of this landmark Series A financing validates the transformative potential of our technology and the growing global demand for accessible, accurate early disease detection," Dr. Ricky Chiu, founder, chairman and CEO of Phase Scientific, said in a statement. "With this capital, we will accelerate R&D and commercialization efforts to bring a comprehensive suite of next-generation urine-based diagnostics to market."

Though headquartered in Hong Kong, Phase Scientific maintains a cross-border operational setup spanning Southern California and China's Greater Bay Area.

In other funding news, Ontrak, an AI-enabled behavioral healthcare engagement company, has secured a $10 million financing commitment from Acuitas Capital. The company combines human expertise with technology to deliver personalized behavioral healthcare to high-acuity individuals while providing data analytics to identify those who could benefit from behavioral health tools.

"We appreciate the continued support of Acuitas Capital as we advance our mission to transform healthcare. This financing commitment will allow us to accelerate our growth initiatives, enhance our technology platform, and deliver even greater value to our customers and stakeholders," Brandon LaVerne, CEO of Ontrak, said in a statement.

Additionally, Rad AI, a generative AI radiology workflow company, has secured an additional $8 million in strategic investment, bringing its Series C funding to $68 million. The latest funding was led by four health systems: Memorial Hermann Health System, Advocate Health, Atlantic Health System and Corewell Health.

The company provides radiologists with generative AI tools to streamline workflows, including physician dictation and follow-up care management. In January, Rad AI announced it had secured $60 million in an oversubscribed Series C funding round, which brought its total raise to more than $140 million and increased its valuation to $525 million.

"The impact of AI in healthcare is no longer theoretical – it's happening right now at scale," Doktor Gurson, cofounder and CEO of Rad AI, said in a statement. "It's an honor to collaborate with these leading health systems to expand that impact even further, building solutions that improve care for millions of patients."

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