Lein Applied Diagnostics raises £440k in the first close of its equity funding round to fund medical product development.
The first tranche saw participation from Henley Business Angels and existing investors.
Share allotment filed at Companies House
Lein Applied Diagnostics develops innovative optical measurement devices, including a non-contacting meter designed for corneal thickness assessment in optometry.
Lein Applied Diagnostics has raised £440k in the first tranche of its current equity funding round, with participation from Henley Business Angels alongside other angels and existing backers. The company intends to direct the capital toward developing new medical product opportunities, including non-invasive meters for diabetes and cancer diagnostics.
Operating from the Reading Enterprise Centre, the business focuses on high precision measurement solutions that require no physical contact with the tested item. The firm currently serves blue chip clients in sectors such as the nuclear industry and anticipates faster revenue growth as ongoing projects move toward production.
A second close for the funding round is scheduled for the autumn of this year. Chief executive Dan Daly noted that the firm is approaching profitability following four years of threefold revenue growth.
From the founder
"Lein is now at a very exciting stage. The ongoing projects with existing customers are now moving into production and provide Lein with a strong financial base. In parallel, the healthcare monitoring devices that we are developing have the potential to make a large improvement to the diagnosis and care of many chronic conditions and provide Lein with the route to a significant exit valuation."
Dan Daly
CEO at Lein Applied Diagnostics
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
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About the company
Lein Applied Diagnostics
Lein Applied Diagnostics creates precision optical technology for the optometry sector.