Covington-based Gravity Diagnostics has secured a $5 million investment from a venture capital partnership.
Gravity Diagnostics is a clinical laboratory located at 812 Russell St. that provides innovative testing solutions in toxicology, pharmacogenetics, infectious and upper respiratory diseases, blood diagnostics, and COVID-19 testing.
The partnership, comprised of St. Louis-based Advantage Capital and The Community Development Venture Capital Alliance, was made through the Kentucky New Markets Development Program, which was established in 2010 to attract private capital to low-income communities.
“This funding provides critical capital to expand our compliant testing services, making it easier for ordering providers to confidently diagnose and chart treatment plans,” Gravity Diagnostics CEO Tony Remington said in a news release. “Our advanced laboratory delivers exceptional service to healthcare partners across the nation ensuring top-quality, compliant testing for their patients.”
The $5 million will enhance the company’s Covington facility, expand its service offerings, and support new product development. The company also plans to hire additional employees across sales, marketing, and other functions, growing its workforce to more than 300.