Successful £2.4m funding round takes ScreenTape pioneer to the next level
TRI Cap has participated in a further funding round for Lab901 Limited, the Edinburgh-based developer and manufacturer of innovative automation systems for the life science industry. In all £2.4 million in equity funding was raised from a consortium of UK investors, comprising TRI Cap, Archangel Informal Investment Ltd, Alliance Trust Equity Partners (ATEP), Scottish EnterpriseSVF and Foresight 3 VCT plc.
Lab901 will use the cash injection to expand international sales of its ScreenTape® laboratory analysis platform and further develop its product range. This automated platform replaces manual analysis ofbio-molecules (Proteins, DNA and RNA),giving faster results andenabling better decision making. Itisnowwidely used for infectious disease testing, (e.g.screening forswine flu), in the molecular diagnostics market where it continues to deliver proven commercial benefits.
Rob Dick, chairman on TRI Cap, said: “Our involvement with Lab901 spans four years, and it is very gratifying to witness the continued success and development of the business. We are pleased to continue our support of Lab901 and look forward to its further growth.”
Commenting on the latest round of funding, Joel Fearnley, CEO and co-founder of Lab901, said: “Lab901 has an enviable track record with the successful development and commercialisation of the innovative ScreenTape® platformand ourexisting investors have provided the finance we need to supportplannedglobal sales growth.”
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Issued on behalf of TRI Cap by Prior PR.
For further information contact Eileen Prior on 01721 729322 or 07802 180 412, or email eileen.prior@priorpr.co.uk