IOTA wins investment finance
IOTA NanoSolutions, a nanotechnology business based at the MerseyBIO incubator in Liverpool, has attracted investment finance from an Islamic bank and Unilver.
IOTA, which uses its ContraSol technology to improve the performance of compounds for customers in the pharmaceutical and agricultural sectors, has secured an undisclosed amount from London-based QIB UK and Unilever Ventures which provides funding to tech-based businesses across Europe.
The business spun out of Unilever in 2005 with financial backing from Unilever Ventures.
Chief executive Andrew Elphick said: “ContraSol is highly innovative and offers many possibilities within the pharmaceutical, agrochemical and related industries. It offers the potential for lifecycle management of existing products, progression of new chemical entities through R&D pipelines and to revive candidates that have been previously overlooked due to solubility issues.
“We thoroughly look forward to working with QIB and UV to further drive the company’s growth and accelerate development within these key strategic sectors.”
The company was advised by the Liverpool office of law firm DWF. Corporate partner Gareth McIntegart, who led the team, said: “This financing round demonstrates the growing confidence in Liverpool’s cutting edge technology market – and is an example of international investment coming into the city region. This financing round will allow IOTA to grow into new markets and expand their already growing international reach, enhanced by working with QIB and UV.”
