£500,000 funding ‘a significant milestone’
ANEWCASTLE biotech company has raised £500,000 in funding as it aims to use new technology to break into the market for PCR laboratory tests.
InvenireX, which is based in the city centre, has secured investment from DSW Ventures and XTX Ventures for its platform which incorporates AI and programmable DNA.
The company says its technology enables scientists to rapidly test raw material for biomarkers at minute concentrations without the need for pre-processing, saying it could have wide-ranging applications in detection of diseases, as well as environmental monitoring. Current PCR tests, which are used to diagnose certain infectious diseases and genetic changes, have some drawbacks and InvenireX says its methods could be more accurate.
The company was founded in 2021 by Daniel Todd while he was studying for a PhD in DNA and nanotechnology at Newcastle University. InvenireX currently has a team of four and is engaged in two proof-of-concept studies with commercial partners in the fields of agriculture and cancer detection.
It said the new funding will enable it to optimise its final prototype and deploy it into external R&D laboratories for further technical validation.
Mr Todd said: “This funding is a significant milestone for InvenireX and is testament to our groundbreaking work in the realm of enzyme-free real-time, ultrasensitive nucleic-acid detection and absolute quantification. The expertise and financial support from DSW and XTX will be instrumental in accelerating our route to market. We look forward to working closely with them as we embark on this exciting phase of growth and innovation.”
InvenireX becomes the 13th company to join the DSW Ventures portfolio, and the second from its recently launched Seed EIS fund.
Emma Cassidy, of DSW Ventures, said: “InvenireX has developed an exciting platform technology with promising data and early customer traction.
“This round will help get the technology into the hands of users who can further validate it and drive the company forward into full commercialisation. It’s been a pleasure to work with the InvenireX team.”
Law firn Weightmans LLP advised DSW Ventures on the deal, with Ward Hadaway advising InvenireX.