A University of Edinburgh startup developing rapid cell analysis for the biopharmaceutical industry has raised £4 million to scale up market-testing of its technology platform.
The Company has developed its Cytomos Dielectric Spectroscopy (CDS) platform to meet unmet requirements of the biopharma industry. The CDS platform will provide high-speed, scalable and cost-effective cell analysis, to empower scientists to make critical decisions earlier, and minimise expenses by enabling quick adjustments. This is expected to speed up the development of new treatments while also reducing costs.
Cytomos plans to bring its technology to the commercial market next year, having expanded its team during the past 12 months. The fresh capital injection is set to double the current team of 12 employees and deliver commercial launch of the Company's first product.
Cytomos has secured the funding from existing investors Archangels, Scottish Enterprise and the University’s in-house venture investment team Old College Capital (OCC). The British Business Bank also joined as a new investor.
New Chief Executive Officer David Rigterink said:
We are uniquely positioned in harnessing the power of consumer electronics technology to meet the emerging, complex needs of the bioprocess industry.
On the back of a very successful year for Cytomos, this new funding will now allow us to scale up our engagement with industry partners. We truly believe that, through our CDS technology, we offer a powerful platform which will help the scientific community bring novel therapies to market faster and radically reduce costs by making better informed, game-changing decisions a lot earlier. ”
OCC, part of the University of Edinburgh’s commercialisation service Edinburgh Innovations, has supported the Company since 2018.
Andrea Young, Head of Investment at OCC, said:
Cytomos is an innovative and ambitious company, seeking to transform decision-making in biopharma. We are proud to continue to support them as they enter the next stage of their journey. "