The University of Plymouth spinout secured backing from Frontier IP to speed the development of its rapid pathogen detection systems.
"The COVID-19 outbreak has highlighted possible risks to human health from the environment and governments now want to test for bacterial contamination in water and other materials. However, our technology also allows fast detection of bacterial pathogens in fresh food produce, so our technology could significantly decrease the holding time of fresh food before it is released to supermarkets. This will increase the supply of fresh produce to supermarkets, which is especially critical at times of crisis, and support customer faith in the safety of the products."
AlbionVC led the Series A round with participation from ING Ventures and HSBC.
"Banks and asset managers are demanding technology solutions which deliver automation and increased efficiency, but they also want a modern and flexible modular design"
The funding round was led by TrueSight Ventures alongside notable angel backers to expand team size and regional reach.
"We’ve developed a service in the last 2 months that is available to provide coronavirus disinfection. Our original goal for the business remains to help the planet – originally focussing on the eco-friendly nature of our tech compared to traditional laundry options. However, in recent weeks it’s become apparent that our help is needed in keeping people safe. In light of the current coronavirus situation, we are working closely with NHS and vulnerable groups to provide support when needed as well as doubling down on our software development, including our app, and rolling out the service to London later this year while continuing to focus on our original locations – Oxford and Cambridge."
The interim funding was provided by Wealth Club and the Development Bank of Wales to scale up staff.
"Bond is a great example of the many Welsh technology businesses that are supporting the fight against Covid-19. Our investment is testament to our belief in their ability to scale up and make a real difference at this difficult time and to their longer-term growth in the global diagnostics market. We wish them every success."
The investment round was led by OMERS Ventures with support from existing backers Kindred Capital and Moneysupermarket Group.
"Raising growth capital from leading investors such as OMERS Ventures is a testament to the strength of our business model and the great work that the Flagstone team does every day to support clients with protecting their cash deposit investments. This new financing will support the acceleration of our plans to extend our penetration of the UK market to new customer segments."
