Investment leverages Kentucky New Markets Development Program to support facility enhancements, new product development

February 11, 2025 08:02 AM Eastern Standard Time

ST. LOUIS–(BUSINESS WIRE)–Advantage Capital, a leading impact investment firm that invests with intention in underserved areas, in partnership with the Community Development Venture Capital Alliance (CDVCA), today announced a $5 million investment in Gravity Diagnostics. Based in Covington, Kentucky, Gravity Diagnostics is a clinical laboratory providing innovative testing solutions in toxicology, pharmacogenetics, infectious and upper respiratory diseases, blood diagnostics, and COVID-19 testing.

“We’re proud to support Gravity Diagnostics as it continues delivering cutting-edge testing services during a pivotal time for healthcare, both regionally and nationwide.”Post this

The financing will enable Gravity Diagnostics to enhance its state-of-the-art 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 of more than 300 employees.

“This funding provides critical capital to expand our compliant testing services, making it easier for ordering providers to confidently diagnose and chart treatment plans,” said Tony Remington, Co-Founder and CEO, Gravity Diagnostics. “Our advanced laboratory delivers exceptional service to healthcare partners across the nation ensuring top-quality, compliant testing for their patients.”

The investment was made through the Kentucky New Markets Development Program (NMDP), which was established in 2010 to attract private capital to low-income communities. The program bridges financing gaps for businesses, driving job creation, community revitalization, and economic development across the state.

“Through the Kentucky New Markets Development Program, we provide essential financing to growing businesses that have been overlooked by traditional forms of capital,” said Jeff Gentsch, Venture Partner at Advantage Capital. “We’re proud to support Gravity Diagnostics as it continues delivering cutting-edge testing services during a pivotal time for healthcare, both regionally and nationwide.”

“We are pleased to partner with Gravity Diagnostics, an innovative leader in healthcare technology,” added Kerwin Tesdell, President of CDVCA. “The company’s strong growth is advancing modern diagnostic services and delivering meaningful, local economic impact, including the creation of significant numbers of good jobs in their local community.”

About Advantage Capital

Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4 billion in more than 900 companies to support more than 70,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.

About CDVCA

The Community Development Venture Capital Alliance (CDVCA) is the network for the field of community development venture capital (CDVC) investing. CDVC funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity.

About Gravity Diagnostics

Gravity Diagnostics is a state-of-the-art, CAP-accredited and CLIA-certified laboratory licensed in all 50 states. We provide innovative diagnostic testing in the areas of toxicology, pharmacogenetics, infectious and upper respiratory diseases, blood hematology, and COVID-19. Our clients include universities, public health organizations, small private practices, Fortune 500 companies, and more. Visit gravitydiagnostics.com for additional information.

Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.

Contacts

Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com

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