Gravity Diagnostics Gains $5 Million Investment for Growth
Gravity Diagnostics Secures Major Investment to Enhance Operations
Gravity Diagnostics, a prominent clinical laboratory recognized for its innovative testing solutions, recently secured a significant $5 million investment aimed at expanding its operations and improving its diagnostic testing services. This funding comes from Advantage Capital, a firm that focuses on investing in underserved areas, and the Community Development Venture Capital Alliance (CDVCA).
Expanding Services and Workforce
The investment will play a crucial role in enabling Gravity Diagnostics to modernize its facility while broadening its range of services. This includes advancements in toxicology, pharmacogenetics, and testing for infectious and upper respiratory diseases, alongside continuing to provide reliable COVID-19 diagnostics. The company is also gearing up to enhance its workforce, planning to recruit additional employees in sales, marketing, and operational roles, thereby increasing its current team of over 300 professionals.
CEO's Vision for Growth
Tony Remington, Co-Founder and CEO of Gravity Diagnostics, expressed his enthusiasm for the funding, stating, “This funding provides critical capital to expand our compliant testing services, making it easier for ordering providers to confidently diagnose and chart treatment plans.” His statement reflects the company's commitment to delivering exceptional service and high-quality testing across healthcare platforms nationwide.
Community Impact and Economic Development
The investment was facilitated through the Kentucky New Markets Development Program (NMDP), an initiative designed to draw private capital into low-income regions. This program aims to bridge the financing gaps that challenge businesses and fuel job growth and revitalization in local communities.
Support from Advantage Capital
Jeff Gentsch, a Venture Partner at Advantage Capital, remarked on the importance of this type of investment, stating, “Through the Kentucky New Markets Development Program, we provide essential financing to growing businesses that have been overlooked by traditional forms of capital.” His words illustrate the vital role such investments play in supporting the healthcare industry's evolution during a critical period.
Strategic Partnerships for Healthcare Innovation
The collaboration between Gravity Diagnostics and Advantage Capital highlights their shared commitment to healthcare innovation. Kerwin Tesdell, President of CDVCA, praised Gravity Diagnostics as an innovative leader in healthcare technology, emphasizing the positive economic impact arising from new job creation and enhanced local services. This investment not only propels the company forward but also strengthens the local economy by fostering employment opportunities.
About Gravity Diagnostics
Gravity Diagnostics operates a state-of-the-art, CAP-accredited, and CLIA-certified laboratory, providing extensive diagnostic testing across diverse fields. Their clientele spans universities, public health entities, and Fortune 500 companies. This recognition underscores the laboratory's reputation for excellence and reliability in diagnostic testing.
Looking Towards the Future
As Gravity Diagnostics prepares for substantial growth with the recent investment, the company aims to stay at the forefront of healthcare testing solutions. By enhancing its services and broadening its workforce, Gravity Diagnostics is set to make a meaningful impact in the healthcare landscape.
Frequently Asked Questions
What is Gravity Diagnostics known for?
Gravity Diagnostics specializes in innovative diagnostic testing solutions, including toxicology and pharmacogenetics.
Who provided the $5 million investment?
The investment was made by Advantage Capital and the Community Development Venture Capital Alliance (CDVCA).
How will the funding be used?
The funding will enhance facilities, widen service offerings, and support new product development.
How many employees does Gravity Diagnostics currently have?
Gravity Diagnostics has a workforce of over 300 employees.
What is the Kentucky New Markets Development Program?
The program aims to attract private capital to low-income communities and support job creation and economic development.
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