Molendotech secures £425k seed funding led by Frontier IP to accelerate bacteria testing technology
The University of Plymouth spinout secured backing from Frontier IP to speed the development of its rapid pathogen detection systems.
Molendotech develops rapid testing technology for harmful bacteria in water and food production. Based in Devon, the company commercialises academic research from the University of Plymouth.
Molendotech has secured £425k in a seed funding round led by Frontier IP to accelerate the development of its bacteria testing technology. The university spinout, valued at £3.9m in the transaction, plans to use the capital to expand applications for its rapid pathogen detection systems in water and fresh food supply chains.
The company has gained increased international attention during the pandemic as governments and industries look for reliable ways to screen for bacterial contamination. Its patented systems reduce water testing times from days to minutes while eliminating the need for laboratory processing.
The fresh capital will support ongoing collaborations with major commercial partners, including Halma subsidiary Palintest and fresh produce supplier G's Group. Frontier IP backed the round alongside other new and existing investors.
From the founder
"The COVID-19 outbreak has highlighted possible risks to human health from the environment and governments now want to test for bacterial contamination in water and other materials. However, our technology also allows fast detection of bacterial pathogens in fresh food produce, so our technology could significantly decrease the holding time of fresh food before it is released to supermarkets. This will increase the supply of fresh produce to supermarkets, which is especially critical at times of crisis, and support customer faith in the safety of the products."
Simon Jackson
Chief Executive Officer at Molendotech
Investor perspective
"Molendotech has already made strong progress, with its technology now being commercialised by a subsidiary of major multinational hazard detection group Halma plc. The COVID-19 outbreak and the heightened need for testing of all kinds has increased interest in the company’s technology. This fundraising ensures it is well placed to accelerate development of its technology and to explore opportunities as they arise."
Neil Crabb
Chief Executive Officer, Frontier IP
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
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About the company
Molendotech
Molendotech develops rapid testing technology to detect harmful bacteria in water and food.