Finance Wales is a leading technology ventures investor that provides long-term backing to young businesses.
The Cambridge-based biotechnology company secured the capital from a group of angel investors and Finance Wales.
"The early support we have received for our ideas and technologies from our angel investors and from Finance Wales has been very encouraging. We are delighted that this will allow us to maintain the very rapid momentum we have achieved in a short time."
BASF Venture Capital, Octopus Investments, and Entrepreneurs Fund joined existing backer Finance Wales to fund the commercialisation of SmartKem's tru-FLEX materials.
The funding round was led by Finance Wales and the Angel CoFund alongside private investors to establish a new administration and sales team.
Finance Wales led the funding round, which includes backing from xénos and SWAIN angel networks.
"Alex and Andrew have come up with a novel approach to developing medical grade collagen which has significant potential in a range of applications, including improving bone grafts. They also have some exciting plans to develop an innovative range of products in future. Finance Wales is pleased to lead this investment round as it will now enable Jellagen to take some significant steps forward."
Finance Wales and xénos-syndicated angels back Laser Wire Solutions to commercialise its technology.
"LWS was supported under our High Potential Starts programme so it’s good news to hear it is reaching its potential and expanding. The investment package also highlights the range of support available in Wales to help companies grow, develop and commercialise new products and create jobs."
