Arrayjet has raised a (pounds) 1m funding package that will allow the Dalkeith start-up to take the printer it developed to speed up genetic testing to market.<\/p>\n
The cash includes (pounds) 200,000 from the (pounds) 20m Co- Investment Fund, in the first deal funded out of the vehicle created by Scottish Enterprise to help fill the funding gap for small firms.<\/p>\n
In a sign of a further decline in some investors’ willingness to fund early-stage companies, although members of the Archangels syndicate backed the company for a third time – providing (pounds) 300,000 – financiers across the UK turned it down.<\/p>\n
Peter Shakeshaft, gatekeeper of Archangels, said : “People were saying this company is still pre-revenue, so we’re not interested. That gobsmacks me, as it says there’s no real way to fund companies in development in Scotland by conventional means.”<\/p>\n
The firm is preparing for the commercial launch of a machine it has prototyped that uses ink-jet print technology to analyse the reactions of thousands of human genes to substances simultaneously.<\/p>\n
Shakeshaft said Archangels, which has been selected with Braveheart Ventures to invest some of the new (pounds) 20m fund, would have struggled to complete the deal without the SE money.<\/p>\n
Including the latest round, Archangels’ members had invested a total of (pounds) 700,000 in Arrayjet, as much as they could commit at a time when the lack of stock market flotations made it very hard to exit investments.<\/p>\n
Arrayjet also received a Spur Plus government award worth (pounds) 400,000 over three years. It raised (pounds) 100,000 debt from Bank of Scotland.<\/p>\n
Howard Manning, one of the three academics who founded the firm in 2000, said it expected to sell the machine to universities and pharmaceuticals companies across the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
Arrayjet has raised a (pounds) 1m funding package that will allow the Dalkeith start-up to take the printer it developed to speed up genetic testing to market. The cash includes (pounds) 200,000 from the (pounds) 20m Co- Investment Fund, in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-38","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=38"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=38"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=38"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=38"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}