The seed round was supported by a syndicate of investors including the Development Bank of Wales and the UKI2S Innovate Accelerator to fund platform development and laboratory expansion.
"Our investors recognise the potential of our AI-powered antibody drug discovery platform to provide a breakthrough in the industry. With our technology, it will be possible to develop drugs for difficult targets and ultimately reduce drug discovery timescales from years to weeks. In addition to platform development, the funding will enable us to invest in facilities and recruitment; we are grateful to our investors and Innovate UK for their continued support."
Norcliffe Capital led the latest investment as the cancer diagnostics firm reached its £3.5m target.
"Achieving the £3.5m target enables us to accelerate our plans. We will shortly complete our move into new lab and office facilities and increase staffing to 15, bringing forward key operational and commercial appointments."
The financing round drew participation from Legal & General, Tencent, and QVentures to support genomics software development.
"We are thrilled to be supporting Congenica in developing their world-leading technology to deliver life-changing answers. At QVentures, we strive to support cutting-edge technology companies that really change how an industry operates and we believe David and his team are doing just that. We are pleased that QVentures’ Family Offices and UHNWI investors could join us on that journey."
The seed follow-on round from existing backers Mercia and NorthStar Ventures will fund international expansion in the US and accelerate product launches.
"Over the last two years Newcells has made great progress in bringing innovative products and services to market that have delivered value to our global pharmaceutical customers. Whether it be in understanding how new drugs interact with the kidney or the retina, our scientists have produced data that has helped lower the risk of early drug discovery projects. The input and support of Mercia and NorthStar has been invaluable in driving forward the business. Our vision is to bring the best in vitro biology to market, improving the productivity of drug discovery and development"
.png)
