Series A7 September 2020

ClinSpec Diagnostics secures £2.4m Series A investment led by Mercia to advance cancer testing technology

The funding round was led by Mercia and will support the firm in progressing its multi-cancer diagnostic programmes.

£2.4MSeries A

ClinSpec Diagnostics develops liquid biopsies for early cancer detection using infrared light and artificial intelligence. The Glasgow based firm operates as a spinout from the University of Strathclyde.

ClinSpec Diagnostics has secured £2.4m in a Series A funding round led by Mercia. The Glasgow-based diagnostic technology developer will use the capital to advance its multi-cancer testing programmes and complete upcoming clinical trials.

Additional backing in the round was provided by the Scottish Investment Bank, SIS Ventures, EoS Advisory, and the University of Strathclyde. The fresh injection of funds supports the firm as it expands its headcount and refines its early detection screening platform.

The company has previously raised funding through seed investment and grant awards, bringing its total funds raised to date to £4m. Management intends to use the latest capital to prepare the business for further commercial milestones.

From the founder

"Worldwide, 26,000 people die from cancer each day. Early detection is critical for effective treatment, but many cancers go undetected for too long. This funding is another significant step forward for ClinSpec Dx in our mission to detect cancer earlier and help to increase patient survival and quality of life."

Mark Hegarty

CEO at ClinSpec Diagnostics

Investor perspective

"Having backed ClinSpec Dx since being alerted to the potential of its pioneering diagnostic technology through its involvement in Scottish Enterprise’s High-Growth Spinout Programme, we’re encouraging continued growth at the company by trebling our initial investment."

Kerry Sharp

Director, Scottish Investment Bank