Gravity Diagnostics Expands with $5 Million Funding Boost
Deal News | Feb 11, 2025 | Advantage Capital
Gravity Diagnostics, a clinical laboratory based in Covington, Kentucky, has secured a $5 million investment from Advantage Capital and the Community Development Venture Capital Alliance (CDVCA). This funding, facilitated through the Kentucky New Markets Development Program, is aimed at expanding Gravity Diagnostics' service offerings and enhancing its facility. The finance will also support product development and workforce expansion, potentially adding new hires in various functions such as sales and marketing. The investment reflects Advantage Capital’s mission to drive capital to underserved areas and CDVCA’s goal of advancing economic impact through growth-ready businesses. Key stakeholders in the investment highlight the importance of supporting cutting-edge diagnostic services during a critical time for healthcare.
Sectors
- Healthcare Diagnostics
- Impact Investment
Geography
- United States – The investment and expansion involve companies based in the U.S., specifically highlighting activities in Kentucky.
- Kentucky – Gravity Diagnostics is based in Covington, Kentucky, and the funding is facilitated through a Kentucky-specific program.
Industry
- Healthcare Diagnostics – The article primarily discusses Gravity Diagnostics, a company that provides diagnostic testing, falling under the healthcare diagnostics industry.
- Impact Investment – This relates to Advantage Capital's focus on driving capital to underserved areas as part of its impact investment strategy.
Financials
- $5 million – Investment amount secured by Gravity Diagnostics from Advantage Capital and CDVCA.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gravity Diagnostics | Target | Company | A clinical laboratory providing diagnostic testing solutions and the recipient of the investment. |
| Advantage Capital | Investor | Company | An impact investment firm investing in underserved areas. |
| Community Development Venture Capital Alliance (CDVCA) | Co-investor | Company | A network that provides equity capital to businesses in underinvested markets. |
| Kentucky New Markets Development Program | Facilitator | Government | A program aimed at attracting private capital to low-income communities in Kentucky. |
| Tony Remington | Executive | Person | Co-Founder and CEO of Gravity Diagnostics. |
| Jeff Gentsch | Venture Partner | Person | A Venture Partner at Advantage Capital. |
| Kerwin Tesdell | President | Person | President of CDVCA. |