RALEIGH – Inanovate, an emerging life science company developing blood tests for cancer and other diseases which was once based in the Triangle, has raised $3.1 million in new funding.

Inanovate, which has received backing from the North Carolina Biotechnology Center, maintains an operation in Raleigh. The company’s headquarters was moved to South Dakota in 2017.

South Dakota Equity Partners, Sanford Frontiers and executive T. Denny Sanford led the investment. The company says it expects to add more funding to the round, a Series C, later this year.

Funding will be used to “speed the development: of a breast cancer blood test, Inanovate said.

“We are excited to have secured investment that will allow our company to implement our development plan through the next 18 months,” Inanovate CEO David Ure said. “We’re pleased to have partnered with investors who share our vision for improving cancer diagnosis and treatment through technology innovation. Our partners bring both expertise and passion to our investment team as we align to the needs and goals of one of the leading hospital networks in the country.”

Inanovate has been awarded $658,000 in four loans from NCBiotech since 2008. The company has also received about $1.7 million in NIH grants to support its nanotechnology-based work. It also has landed a $2 million Phase 2 SBIR grant.