Dxcover raises £9.7m in a Series A round and grant funding to advance its cancer detection platform.
The funding round was backed by a group of existing investors alongside a grant from the European Innovation Council.
Dxcover is a clinical stage diagnostics company developing multiomic spectral analysis technology for the early detection of solid tumor cancers.
Glasgow-based Dxcover has secured £9.7m through a combination of a Series A investment round and grant backing. The funding comprises a £7.5m equity round alongside a £2.2m grant from the European Innovation Council.
The equity financing was led by a consortium of existing backers, including Eos Advisory, Mercia Asset Management, Scottish Enterprise, the University of Strathclyde, SIS Ventures, and Norcliffe Capital, joined by US investor Mark Bamforth through Thairm Bio.
The capital will be directed towards advancing the company's liquid biopsy platform, which targets the detection of early-stage conditions such as brain and colorectal cancers.
From the founder
"This is a very significant funding milestone in our mission to detect cancer early and improve survival and quality of life for patients. Having demonstrated our multi-cancer capability, we can now focus on building the pipeline of organ-specific tests, beginning with a multi-center study to gain regulatory approval for the brain cancer test. We will also expand our data on colorectal cancer, one of the leading causes of death worldwide, and continue our work on collaborative projects."
Mark Hegarty
CEO at Dxcover
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
Eos Advisory
Mercia Asset Management
Scottish Enterprise
University of Strathclyde
SIS Ventures
Norcliffe Capital
Thairm Bio
European Innovation Council