Cambridge-based bioinformatics specialist, Eagle Genomics, has been supported to raise £1m in investment through the Angels in MedCity programme; a partnership between MedCity, LBA and Angels4LifeSciences.
The investment, which included participation from the LBA EIS Roundtable Syndicate Fund 2016 and the London Co-Investment Fund (LCIF), will help Eagle Genomics to develop technology that will reduce research costs and time, and help companies get their products to market faster.
Eagle Genomics develops software solutions for pharmaceutical, biotech and personal care product companies to bring new candidate medicines, therapies and products to patients and customers more quickly. Its range of software solutions, which are already being used by a number of blue chip clients such as Unilever, radically reduce cost and time to complete research. This new round of funding will help the company to build on its product development and accelerate growth in this fast-growing market.
Angels in MedCity was set up in October 2014 to introduce new and existing business angels to early stage and potentially high growth investment opportunities in the medical and life sciences sectors. The programme has helped 43 companies to raise equity funding through a community of business investors, with over £12m being invested so far.
Anthony Finbow, Eagle Genomics Executive Chairman, said: Eagle Genomics is a tremendously exciting business making strong progress. Together with our global enterprise customers we are building the information architecture for the genomics era and enabling radical productivity improvements through data driven innovation. We very much appreciate the support that the Angels in MedCity community has provided in accelerating our progress.
Sarah Haywood, MedCity CEO, said: “I am delighted that Angels in MedCity has helped this innovative company to secure the funding needed to grow its product in this exciting market. Eagle Genomics is addressing an unmet need by helping R&D companies to get meaning from notoriously complex genomic information. This £1m investment will help them to build a successful, sustainable business, and fulfil their vision to improve quality of life worldwide.”
Anthony Clarke, LBA CEO, comments “Eagle Genomics which is now at scale up stage is commercialising an effective bioinformatics software solution that has the potential to improve the way in which new medicines and therapies are developed. This round of growth capital funding from existing and new angel investors leaves the company well positioned to accelerate its growth in this fast growing market”.