Lab901, a developer of innovative automation for life sciences based in Loanhead, Edinburgh, has raised £3.55 million in its latest equity funding round
The financing syndicate was led by new investor, Alliance Trust Equity Partners (ATEP), together with existing investors, Scottish Enterprise's Scottish Venture Fund, Archangel Informal Investment and Noble VCT.
The funding will enable Lab901 to expand its sales efforts and introduce new products for RNA and protein electrophoresis by the end of 2008.
The company's ScreenTape system is an automated laboratory analysis platform which enables the convenient and rapid analysis of biological samples.
Typical applications include genotyping of DNA, multiplex PCR analysis, quality control of RNA samples and SDS-Page analysis of proteins during protein expression/purification experiments.
Commenting on the fundraising, Joel Fearnley, CEO and co-founder of Lab901, says: "We have ambitions to be a global player in this market following successful take up of our products in both Europe and Asia.
"The latest round of funding will help us build on the sales of these first DNA analysis products and continue the development of our pipeline products".
Richard Rowling, Lab901's sales and marketing director added "We are now well placed to take advantage of the large existing markets for RNA quality control and protein electrophoresis as well as developing markets for multiplex PCR diagnostics.
"We are forming strong commercial relationships with development partners and re-sellers that will take Lab901 to the next level of growth and expansion."
