Scientific instrument manufacturer given cash boost
A SCIENTIFIC instrument manufacturer is set to expand after securing more than £150,000 in funding.
The cash boost was awarded after investors from the Viking Club, Yorkshire Association of Business Angels (YABA) and Yorkshire Fund Managers recognised the growth potential of York-based Paraytec – a firm that designs and manufactures innovative instruments for use in drug development.
Paraytec’s chief executive Mark Vaux said: “We are aiming to sign our first major OEM contract with one of the leading companies in the scientific instrumentation field.
“The route to market for our equipment is to partner with one or more of the big multinationals and this will take our business on to the next stage.”
The investment also safeguarded eight jobs at the company on Tadcaster Road.
Andrew Burton, YABA’s chairman, said: “A lot of time and development had gone into the investment proposition and we were impressed by the mix of academic and commercial people involved.
“Existing investors backing the company demonstrates to new investors a confidence in both the team and the proposition to the market place. We wish them every success in the next stage of their development.”
Paraytec, which was spun-out of York University in 2005, is a graduate of Yorkshire Forward’s Access to Finance for Healthcare Technologies programme.
The Access to Finance programme forms part of Yorkshire Forward’s ongoing strategy to support the development of the healthcare technologies industry in the region.
