Cytomos will use the funding, which was led by existing investor Archangels with participation from Scottish Enterprise and Old College Capital, to advance its cell analysis technology.
The firm has developed its technology platform to address the unmet needs of the biopharma industry, providing a “low-cost, portable and scalable alternative”. It says its cell analysis tech - Cytomos Dielectric Spectroscopy (CDS) - offers major time and cost savings.
The company said improved cell analysis can help to unlock multiple markets with “very high growth potential”, including drug development bioprocessing, vaccine production and cell and gene therapy manufacture. Analysts estimate the value of the global market for single-cell analysis is expected to reach some $6.3 billion (£5.1bn) by 2026.
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Alan Raymond, executive chairman at Cytomos, said: “On behalf of our board and employees I would like to thank our investors for their continued support of Cytomos. We now have the growth capital required to advance the development of our novel process analytical technology platform to the next phase of prototype evaluation with our strategic partners.
“This is an important milestone in the journey to deliver our mission to enable the development and manufacture of life saving biologic therapies.”
Sarah Hardy, director and head of new investments at Archangels, said: “The demand for single-cell and label-free analysis tools is soaring and the CDS platform developed by Cytomos is uniquely placed to provide a low cost, real-time format that is highly scalable. and easy to operate with a small footprint.
“We are excited by its potential to be truly disruptive and look forward to supporting the team as the business further develops its commercial viability.”
Founded in 1992, Archangels is the world’s oldest continuously operating business angel syndicate investing in early-stage Scottish life sciences and technology companies. The syndicate was an early investor in Cytomos.
Archangels comprises about 120 members and a five strong executive team. In 2021, the syndicate invested £11.8m to reach a total of £23.6m including co-investment from Scottish Government agencies and other partners. There are currently 21 companies within the portfolio.
Kerry Sharp, director of growth investments at Scottish Enterprise, said: “Scotland’s life sciences sector is globally renowned thanks to our incredible workforce, world-class universities and innovative companies that are located here.
“Encouraging and supporting businesses in this sector, such as Cytomos, to innovate and grow is a priority for Scottish Enterprise.
“The technology platform developed by Cytomos enhances cell analysis and this investment will allow the company to progress this technology further, delivering potential growth opportunities and medical advances in the process.”
The funding will also allow Cytomos to grow its team and boost its customer engagement.
A recent report found that life sciences was the most popular area for equity investment into tech-focused smaller businesses in Scotland last year, as the pandemic increased interest in healthcare technology.