The funding round was managed by Mercia Ventures and will support lab relocation and team expansion.
"Formulation development is one of the big challenges faced by our customers and because of the limitations of current laboratory models, a lot of testing is done in animals. Apart from ethical issues, this is expensive, time-consuming and the results are often not replicated in human trials. Our unique model simulates the processes of digestion and absorption in a single lab system, giving customers vital data on how their formulations perform early in the development process and without the need for animal testing. We are excited to secure backing from Mercia and the NEVF to support our mission to make Aelius Biotech a trusted global leader in this field."
EQT Ventures led the pre-seed round, with participation from Join Capital, to support platform development.
"Engineers of real-world products are the unsung heroes of the modern world, they bring solutions to many of the planet’s critical issues, but time is of the essence. We need a faster way to make engineering more cost-effective, efficient, and productive. Our platform will supercharge engineers, giving them the tools to exponentially increase their impact by generating and showcasing thousands of different tested designs in a fraction of the time."
The round was led by General Catalyst with backing from KHP Ventures and Bertelsmann Investments.
"As a young doctor working in hospitals in Sydney and London, the most frustrating thing was having to spend time on admin, at the expense of patient care. While there is much discussion of the potential use of AI for clinicians, there is a much more urgent need for AI in the back office – doing low-risk, manual, administrative tasks that will free clinicians up to spend more time caring for patients. AI in healthcare should be invisible – it should help behind the scenes to make healthcare more efficient and safe without getting in the way of doctors and nurses."
The company secured the capital from Güil Mobility Ventures, Fen Ventures, and Triodos Bank UK to accelerate fleet growth and technology development.
"Since our initial finance arrangement earlier this year, it’s impressive to see Forest go from strength to strength as it rolls out its fleet to more London boroughs. It’s just the kind of forward-thinking company that we want to partner with, as we all work towards net-zero solutions for cities. We are proud that Forest took the opportunity of rolling out new e-bikes to drive awareness of UK waterways and generate funds in support of The Rivers Trust."
