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Bill Gates fund invests in Australian start-up Atomo Diagnostics

Atomo Diagnostics has invented quick, cheap and accurate tests for HIV, malaria and Ebola.

Global Health Investment Fund purchased an 8.4% stake in the medical company for about A$3.3m (£1.9m, $2.5m).

The fund, a joint venture between the Gates Foundation and JPMorgan, finances initiatives that benefit global health.

The US fund focuses on infectious diseases that include malaria, pre-eclampsia, cholera and river blindness.

Atomo’s valuation after the latest round of investment is around A$30m.