Diamidex

Company profile

Founded in 2014 in Marseille, France, Diamidex is transforming microbiological testing with its patented MICA technology. Designed for industries like water treatment, beverages, and pharmaceuticals, Diamidex enables the rapid detection of dangerous microorganisms such as Legionella pneumophila, Escherichia coli and Pseudomonas aeruginosa. Where traditional methods take up to two weeks, MICA delivers accurate results five times faster than standard methods, helping clients protect public health, avoid costly production delays, and reducing destruction of non-compliant products.

Proven in practice, backed by science
Over 17,000 tests have already been performed using MICA kits, with clients ranging from specialized laboratories to major industrial players. Diamidex has a strategic partnership with a global leader in microbiology, for the pharmaceutical adaptation of its technology. The company's business model—selling equipment plus recurring testing kits—ensures long-term, scalable growth.

Certified, protected, and ready to scale
Diamidex owns six patent families protecting its core innovations and holds exclusive rights to market its technology outside of the pharma sector. Its solutions comply with strict industry regulations (21 CFR Part 11) and integrate seamlessly with Laboratory Information Management Systems (LIMS), helping labs automate tasks, minimize errors, and stay well-organized. With solid traction, a growing customer base, and a strong pipeline, Diamidex is poised to lead the next generation of microbiological testing.

Company Info 

Products and services

Business model

Diamidex operates a hardware and consumables model. The company sells its proprietary MICA equipment (€30,000–40,000 per unit) and generates recurring revenue from single-use test kits (~€12.50 per test). This creates predictable, scalable, high-margin revenue streams. For the newer MICA Highlight, revenue comes from software usage, positioning Diamidex toward a Software-as-a-Service (SaaS) model.

The two main customer segments today are:

• External microbiological laboratories that perform testing services for third parties.
• Companies with in-house laboratories, such as beverage producers (e.g., Coca-Cola, Nestlé Water) and pharmaceutical firms (via our partnership).

Diamidex sells directly in France, Germany, and the UK. In other regions (such as the Netherlands, Canada, Emirates and Greece), it operates through a distributor network. The exclusive collaboration with a partner for the pharmaceutical market provides both technological validation and royalty income. Barriers to entry in these markets are high: patents, proprietary reagents, AI integration, and regulatory credibility form a strong moat. This makes it difficult for competitors to match Diamidex’s speed, accuracy, and compliance.

Market

Diamidex works in the industrial microbiology market—a vital sector that underpins water safety, public health, and quality assurance in industries like food, beverage, pharmaceuticals, and utilities. The global market was valued at €6 billion in 2023 and is expected to grow to €12 billion by 2030, driven by stricter regulations, increasing health awareness, and the need for faster, more reliable testing methods.

Diamidex focuses on the high-growth segment of rapid microbiological methods for water control. Today, over 75% of the market still uses slow, traditional culture-based testing, which can take days to detect contamination. For global companies like Coca-Cola, this delay carries major risk: if a batch of products is contaminated with harmful bacteria and released to the market, it can lead to costly recalls, reputational damage, and lost revenue. That is why preventive, fast, and reliable testing is critical—they need to identify problems before products leave the factory. Diamidex offers exactly that: a unique technology that delivers faster results without compromising regulatory credibility.

Main competitors include Bio-Rad, or Thermofisher which offer PCR based tests. While these methods provide faster results, they often fall short in regulatory acceptance and typically cannot distinguish between live and dead microbes—missing the mark for applications that require precise detection of viable bacteria. In addition, these systems require highly skilled technicians and tightly controlled laboratory conditions to avoid cross-contamination. Their equipment is also costly to maintain, making them significantly more expensive than Diamidex. Diamidex stands out by combining the speed the industry demands with the accuracy and compliance of culture-based testing. Its six patent families protect the core technology and provide a strong competitive moat. Other competitors like IDEXX and Merck offer Enzyme-based tests. Even if these solutions are compliant with culture-based testing, time to results are longer than the one obtained with DIAMIDEX technology. Moreover, with a capacity of 500 analyses per day, Diamidex is the only company capable of meeting customer needs

With over 17,000 tests performed and trusted partnerships, Diamidex has a strong, defensible position. Barriers to entry such as regulatory trust, technical complexity, and long sales cycles provide a competitive edge and reinforce Diamidex’s leadership in this growing market.

Management

Distribution of company shares

Diamidex has a well-balanced and strategically valuable shareholder structure that supports its growth and stability:

• Sam Dukan (Founder & CEO) – 26.4%
  As the founder and current CEO, Sam Dukan maintains a strong personal stake in the company. His significant ownership ensures long-term commitment and alignment with the company’s vision and success.

• PureTerra Ventures – 26.5%
  PureTerra is a specialist impact investor in water-related technologies. Their involvement brings not just capital, but also sector expertise, international network access, and credibility—helping to accelerate Diamidex’s growth and scale in global markets.

• Employees – 8.4%
  The management team and all employees own a significant part of the company, ensuring a sustained and constant involvement of everyone.

• FI8C and Tita & Co – 5.5%
  These companies are family offices with dedicated investment arms focused on biotechnology startups. In addition to providing capital, they contribute expertise in CapEx sales and entrepreneurship, supporting Diamidex in its growth.

• Historical and Informal Investors – 33.2%
  This group includes early supporters and business angels who believed in the company's mission from the beginning. Their continued involvement shows sustained confidence in Diamidex’s direction, and they often contribute more than funding—offering valuable guidance, industry connections, and operational advice.

What this means for Diamidex?

This structure combines the best of all worlds: founder drive and vision, professional investment expertise, and broad-based support from engaged angel investors. It gives Diamidex a solid foundation for future financing rounds, strategic decisions, and international expansion—while keeping control and innovation at the core of the business.

Company structure

Diamidex is a privately held company incorporated in France in December 2014. Investors will receive equity directly in the parent company, which owns all operations, technology, and intellectual property. The company does not operate through subsidiaries or special-purpose vehicles, ensuring a simple and transparent structure for investors. All revenues from product sales, software usage, and licensing are recognized at the parent company level.

Investment Clarity

• Investors buy shares in the parent entity (Diamidex, France).
• All commercial activities (MICA, MICA Highlight, IP, partnerships) are consolidated under this entity.
• Convertible debt from previous rounds will be converted into equity before this round, further simplifying the cap table.

Use of funds

Diamidex is raising €3.5 million in equity to accelerate commercial expansion, scale operations, and advance product development. The funding will reinforce the company’s market position and boost growth in its high-margin, recurring revenue streams.

The round is anchored by PureTerra Ventures, a leading water-tech and sustainability investor. PureTerra has committed up to €2 million, following in-depth technical, commercial, and financial due diligence. Their investment scales with the total raised, with €500,000 as their minimum investment.

Actual and planned figures

Get an insight into Diamidex's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

The last funding round took place in 2023 and was led by PureTerra Ventures. In the current round, PureTerra returns as an anchor investor with a commitment of up to €2 million. Their investment adjusts based on the total amount raised, with €500,000 as their minimum contribution. This provides strong external validation of Diamidex’s valuation.

All outstanding convertible debt (approximately €1.5 million plus interest), invested by PureTerra in 2024, will be converted into equity before this round, further simplifying the capital structure. This round is offered on a fully diluted basis, ensuring transparency for new investors.

Given Diamidex’s projected growth in recurring revenues and its strong market positioning, the current valuation is considered reasonable and offers attractive upside potential for early investors.
 

Diamidex offers a clear path to investor returns through multiple potential exit scenarios. Each option is aligned with the company's growth strategy and designed to provide liquidity while maximizing value. The following outlines the most likely outcomes based on current projections and market dynamics.

Investment related documents

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Note:

In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

UPDATE on 25.06.2025: Strategic industry leader joins Diamidex

Diamidex is pleased to announce that Walid Khoury, a globally respected leader in the water sector, has joined the company as a strategic advisor and investor.

Walid Khoury currently serves on the Board of Trustees for the Water Environment Federation (WEF) and is the founder and CEO of Desalytics, a company driving innovative water solutions across sub-Saharan Africa. With more than 25 years of experience, including leadership roles at Fortune 500 companies like GE and Danaher, he is widely recognized for his contributions to the global water industry. In addition to his corporate experience, he actively supports sustainability, entrepreneurship, and diversity, and is a frequent speaker at international conferences.

His decision to invest in Diamidex and join its strategic board is a strong endorsement of the company’s technology, mission, and commercial potential. Walid’s expertise and global network will help guide Diamidex as it accelerates its international growth and deepens its impact in the water and health sectors.

This milestone further demonstrates the growing momentum behind Diamidex and reinforces its position as a compelling opportunity for impact-driven investors.

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UPDATE on 24.06.2025: FAQ

Question: I took a closer look at the company following the recent update. What stood out to me is that revenue has so far grown only slowly—or even declined at times. This makes the projection for 2026 all the more surprising: a jump from 1,468,255 to 3,938,690, which is more than a doubling in just one year. While I generally view the company positively, this forecast seems rather unrealistic and is discouraging from an investment perspective. Could you please explain what specific assumptions this optimistic revenue projection is based on?

Answer by Diamidex: The key reason for the limited revenue growth in previous years is that our core product, MICA Advance, was only commercially launched in 2024. Prior to this, we had sold a small number of early prototypes (2022–2023), which helped validate the technology but were still in an early stage of refinement before meeting full market expectations.. With MICA Advance, this has changed. The technology is now market-ready and delivering real value to customers. In fact, the recurring revenue from new customers in 2024 is already more than four times higher than what earlier adopters generated in the same period.

In addition, we have significantly expanded our product offering:

• In 2024: solutions for Legionella pneumophila (Feb) and Alicyclobacillus (Sept)
• In 2025: solutions for Total Viable Count (April) and Escherichia coli (June)

This broader offering opens up new applications and customer segments, further driving sales.

It is also important to note that 2025 will mark the first year where the majority of our revenue comes from product sales rather than R&D-related partnerships. As our business model relies heavily on recurring revenue from consumables, each new installation builds long-term revenue streams. Revenue in 2025 and 2026 will benefit from equipment installed since 2022.

In short, the projected growth is based on:

1. A rapidly growing installed base
2. A broader range of solutions in the market
3. A higher annual recurring revenue (ARR) per customer

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Q: The proposal places significant emphasis on six patent families underpinning the products. Which ones are these (in EP publications), and what is their current status at the EPO (Published only, Searched, or Granted)? This is potentially of great importance for the future value.

Answer by Diamidex: Diamidex’s technology is supported by six distinct patent families, covering key aspects of our proprietary microbiological testing methods. These include patents protecting the labeling and detection of a broad range of living microorganisms, including Legionella pneumophila. This robust IP base is critical to our competitive edge.

• Four of the six patent families are exclusively licensed to Diamidex for their full lifetime via a technology transfer agreement with SATT Sud Est, who is also one of our shareholders.
• Two patent families are fully owned by Diamidex itself, with additional patents currently in development. We expect to file a new one before the end of this year.

Current EPO status:

• Five of the six patents have already been granted at the European Patent Office or are granted in other key markets (including the US, China, Japan, and Canada).
• One patent is filed and under review.

This extensive IP coverage spans over 12 key jurisdictions including Europe, the US, China, Japan, India, Brazil, and more, ensuring broad protection of our core technologies in all major target markets.

To highlight the strategic importance:

• The licensed patents cover the ability to label more than 50 microbial species, including Legionella pneumophila.
• The Diamidex-owned patents protect critical elements of our MICA platform, including both fluorescence and bright field detection methods, which are central to the product’s unique value.
• Our strong patent base is further reinforced by over 50 years of accumulated know-how in areas such as machine learning, proprietary reagent production, and microorganism-specific labeling techniques, offering layers of protection that go well beyond the patents themselves.

Together, these elements form a solid foundation for scalability, defensibility, and long-term value creation, which are key to our commercial growth and to any potential exit scenario.

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Q: Current shares are now being offered at €1.91 per share in the ongoing funding round. Could you indicate the share price in the previous rounds to show the progression and valuation of Diamidex over time?

Answer by Diamidex: The current share price in this funding round is €1.91. In the previous round in 2023, the share price was €1.43. This increase reflects the progress Diamidex has made over the past year, most notably the commercial launch of MICA Advance, the expansion of our product portfolio, and the strengthened business model based on recurring revenues.

The updated valuation is a result of both technological milestones and growing market potential, supported by the recent involvement of strategic investors such as PureTerra Ventures.

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UPDATE on 19.06.2025 - Anchor Investment Confirmed: €2 million secured from PureTerra

Diamidex has reached a pivotal milestone in its ongoing fundraising round. The minimum investment threshold of €500,000 from the crowd has now been successfully achieved, triggering the formal activation of the anchor investment by PureTerra Ventures. This investment is now visible on the campaign page and marks a strong signal of trust and momentum in the project.

In a powerful vote of confidence, PureTerra has not only activated their initial commitment but has now confirmed their full investment of €2 million into this round. This decision follows notable commercial progress and a rapidly strengthening sales pipeline, reinforcing Diamidex’s strategic positioning in the water tech sector.

With over €2.5 million already invested and a specialized water-tech investor on board, the foundation for continued growth and success is stronger than ever. Now is the perfect moment to be part of this opportunity.

Invest now

UPDATE on 19.06.2025 - New Podcast Feature: Diamidex on "Don’t Waste Water"

UPDATE on 18.06.2025 - Commercial momentum continues: new MICA Advance installation in Switzerland

Diamidex has completed the sale of a MICA Advance Legionella unit to the Centro di Competenza Acqua (CCA) in Switzerland. CCA is the only ISO 17025-accredited laboratory in Ticino dedicated exclusively to potable water utilities. It provides 24/7 testing, monitoring, and consulting services to municipalities and infrastructure operators - making it a key player in regional water quality management.

This new customer reinforces the growing adoption of the MICA technology across Europe and underlines its value as a fast, compliant, and high-throughput solution for microbiological testing.

The decision by another expert water testing center to implement the MICA system reflects increasing demand for technologies that deliver lab-validated results significantly faster than standard methods. Each new installation contributes to recurring revenue through test kits and software usage - supporting the scalability and sustainability of the business model.

This milestone further validates the commercial strategy and highlights continued traction in the high-growth industrial microbiology market.

UPDATE on 13.06.2025 - Couldn’t attend the webinar? Catch up with the recording.

Missed the webinar? In just twenty minutes, Diamidex demonstrated how its patented MICA technology detects microorganisms far faster than traditional culture methods and is already trusted by leading food- and water-processing companies. The live demo showed how the fluorescence-based Advance system and the label-free Highlight module integrate into one powerful testing platform.

Catch the full replay on demand at the link below and discover why Diamidex is poised to become the new standard in industrial microbiological testing.

UPDATE from 12.06.2025 - PureTerra investor gives insight into reasons for investing

"Diamidex’ patented test method secures faster and accurate detection of harmful microbes, it avoids human error and increases efficiency of handling in labs. Monitoring is a hot topic in the global water market. We evaluated Diamidex as a high promising player because of the unique approach and more so because of the experienced team under the lead of Sam Dukan. The value proposition is outstanding and sales strategy validated with the commercial progress and rapidly developing high quality sales pipeline. Diamidex has huge potential to achieve positive impact on water, the environment and human health in the industrialised world and the global south. We are not surprised Diamidex got on the radar of multiple corporates in the industry and received first strategic interest, we believe Diamidex is on track for a compelling exit opportunity within the coming years."
- Job van Schelven, Partner I GP, PureTerra - 

About PureTerra:

PureTerra is a Dutch venture capital firm, a leading investor in watertech. With a proprietary and growing database of > 2,000 water tech businesses globally, it invested in 14 groundbreaking water technologies businesses with strong commercial potential targeting issues of too little, too much and too polluted water. PureTerra is a team of water experts, entrepreneurs and investors with deep roots in the industry. PureTerra actively supports to scale its investments to maximise financial returns and impact on a sustainable water cycle, a theme central to global environmental challenges and SDGs.

UPDATE from 05.06.2025 - Governmental grant awards €435,556

UPDATE from 05.06.2025 - early investment enables attractive exit potential

It is very positive to mention that advanced discussions are currently underway with a U.S.-based company. This potential strategic buyer will perform a first due diligence on Diamidex technology end of June 2025. This marks an important first step toward a potential acquisition in the 2-3 years timeframe.

Furthermore, anchor investor PureTerra Ventures is aiming for an exit within the next 3 years and will provide hands-on support to reach this target. The investors will also benefit from this role of PureTerra.

Next week PureTerra will provide more insight into their vision on the market and the large potential they see in Diamidex.

*Returns are not guaranteed: there is a risk that part or all of your investment could be lost.

UPDATE from 27.05.2025 - Webinar announcement

On June 12 at 6:00 PM (CET), Diamidex will host a live webinar featuring key members of its leadership team. In this concise 30-minute session, they will walk you through the company’s up to €5 million crowdinvesting round on Invesdor and share how their patented MICA™ counters are poised to become the future gold standard in industrial microbiological testing.

Don't miss this chance to engage with the team and gain valuable insights into Diamidex
Sign up for the webinar on June 12, 2025

Below you will find answers to some of the most frequently asked questions.

If you have additional questions, feel free to reach out through our customer support.