Irish technology firm Biosensia has raised €2 million in its latest funding round.

The Cork-based company has been working on developing a roadside drug-testing kit. It plans to use the extra money to fund the development of such drugs-of-abuse-testing (DAT) products and to develop the technology platform for use in the point-of-care diagnostic market.

The latest round of funding was raised by a syndicate led by Seroba BioVentures, a new investor in the firm that specialises in the life-science sector. The other members of the syndicate included existing investors Atlantic Bridge Ventures, Street Capital and Enterprise Ireland.

"We have a great product and this investment will allow us to take it to volume manufacture and expand into markets," said Biosensia founder Gareth Redmond.

"Seroba's life-science sector expertise will further strengthen our board in this direction."

Biosensia's technology uses disposable chips that integrate bio-recognition elements such as antibodies and molecularly imprinted polymers. This allows a number of tests for substances to be carried out at the roadside from a saliva swab.

Seroba believes the technology could also be used in the point-of-care diagnostic sector, which is a growing market. Biosensia's product may also have applications in the food, environment, clinical, medical and security markets.