Alveo Technologies, Inc., ("Alveo" or "the Company") whose mission it is to create affordable and accessible infectious disease diagnostic devices, announced the closing of a $38 million Series A financing raised by Maxim Merchant Capital, a division of Maxim Group LLC. The round was oversubscribed and included existing and new investors. The offering proceeds will be used to advance the optimization and commercialization of Alveo's rapid diagnostic platform for infectious diseases.

"We are pleased to have attracted a strong syndicate of investors to Alveo. This funding accelerates our vision to provide lifesaving medical information to those who need it, at the most critical times -- with technology that is flexible, inexpensive, and accessible worldwide," said Ron Chiarello PhD, Founder and Chief Executive Officer of Alveo, "Our team is focused on delivering the global health benefits that are now within reach."

About Alveo Technologies: Alveo is a pre-clinical stage medical diagnostics company that is creating a new ecosystem for the detection of diseases by breaking down the barriers between consumers, patients, donors and conventional healthcare systems. To learn more about the award-winning team and the science behind the technology visit www.alveotechnologies.com.

About Maxim Group LLC: Maxim Merchant Capital is a division of Maxim Group LLC, a leading full-service investment banking, securities and wealth management firm headquartered in New York. The Firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed income and derivative sales & trading, equity research and prime brokerage services to a diverse range of corporate clients, institutional investors and high net worth individuals. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board (MSRB), and is a member of the following: Financial Industry Regulatory Authority (FINRA), Securities Insurance Protection Corporation (SIPC), NASDAQ Stock Market and NYSE Arca, Inc.