Iceni Diagnostics secures £1.3m seed investment from angel and enterprise backers
The Norwich-based diagnostics firm secured £1.3m immediately with up to £2m committed for 2021 from a syndicate of angel and local enterprise investors.
Iceni Diagnostics is a biotechnology company based in Norwich that develops carbohydrate-based diagnostic tests, including rapid lateral flow assays for infectious diseases. Its technology distinguishes between live infectious viruses and inactive viral remnants.
Iceni Diagnostics has secured £1.3m in seed capital as part of a total funding commitment reaching up to £2m. The round drew participation from 35 angel and local enterprise investors, with over 70% of funding coming from existing backers.
The proceeds will be deployed to strengthen commercial operations and expand the senior team. The capital arrives as the Norwich-based firm prepares for commercial rollout and awaits final trial results for its rapid lateral flow test capable of detecting live infectious pathogens.
From the founder
"There’s a vast, global potential in the application of our unique technology. We are using it to tackle Covid now, but it will also produce better vaccines and new diagnostic and therapeutic products in the future. The investment we have secured will enable us to attract new talent to the team at Iceni and maximise the significant opportunities we have in our pipeline."
Rob Field
Co-founder at Iceni Diagnostics
Investor perspective
"This was an opportunity for regional business angels to invest in a company with real potential to grow and to make an impact on therapeutics and diagnostics for a series of infectious diseases."
Hannah Smith
Managing Director, Anglia Capital Group
Use of funds
- 01Grow the team
- 02Build out infrastructure
Investors
Categories
About the company
Iceni Diagnostics
Iceni Diagnostics develops rapid point-of-care diagnostic tests and carbohydrate-based medical products.