The Series A round was led by IQ Capital with backing from Cambridge Enterprise and Silicon Valley investors.
"Nyobolt batteries remove the limitations presented by conventional lithium-ion batteries. They are perfect for applications that require high power and ultra-fast charge. The recorded performance of our batteries represents a paradigm shift in battery technology and we are pleased to play our part in accelerating a greener, more efficient future, powered by world-class batteries."
— Sai Shivareddy, Co-founder and Chief Executive Officer
The London-based investment fund RLC Ventures led the round, which will support expansion into Mexico and product development.
"The investment round was very smooth. In just three weeks, we secured a deal with RLC Ventures, who were interested in Alloxentric due to its robust technology and large commercial potential. We are excited to partner with RLC Ventures and utilise their extensive global network to grow our business operations,"
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"
The funding round was backed by the Midlands Engine Investment Fund and matched by the UK Future Fund.
"We are very grateful to our existing investors for their continued support and to the UK Future Fund for providing matched funding. The funds received will enable Linear Diagnostics to develop a prototype single use cartridge and reader for our duplex test for chlamydia and gonorrhoea."
The medtech start-up has raised £2.2m from ACF Investors and Mercia to fund its American market launch and product pipeline.
"I am really pleased to work with ACF for a second time to bring their support to Axis Spine. It is a great example of the UK ecosystem supporting fantastic entrepreneur-led medtech companies and I am delighted to assist Jon and the Axis team take their superior products to market and to build out the underlying platform."
