University spin-out lands almost £500,000 equity investment

University of Birmingham spin-out ChromaTwist has landed £487,000 of equity investment to develop a new class of fluorescent dyes for use in the life sciences industry.

The firm says second round of equity investment, which brought in funds from directors, existing angel investors, angelgroups and the University of Birmingham will allow the company to continue product development with industry partners, and enable rapid development of products for market entry as soon as 2023.

The funding builds on initial grant funding of £347,000 from Innovate UK, £90,000 funding from the directors in 2019, and a first equity funding round of £430,000 from directors, angel investors and the University of Birmingham in 2021.

Founder, professor Jon Preece, said: “Following a year of rapid product development and customer engagement, we have now moved to our own dedicated laboratory and will be expanding our team of scientists, so we can expedite our dye development for flow cytometry. We expect the resulting dyes to be fully compatible with existing flow cytometry processes and equipment, and are looking forward to the next 12 months working with industry partners.”