An investment firm managing various funds including the Midlands Engine Investment Fund and EIS funds.
The funding was provided by the North East Venture Fund and managed by Mercia Ventures to support international expansion and product development.
"While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive global demand. The funding received from Mercia puts Luminous in a strong position to capitalise on that."
Mercia Ventures led the Series A round to support product development and industry partnerships.
"Risk Ledger provides us with a more holistic, real time view of our complex supply chain, helping to identify and remediate potential vulnerabilities and issues early."
The funding will support new laboratories in Stevenage and headquarters in Milton Keynes alongside team expansion.
"Having worked on drug development projects that involve animal testing, I've seen the difference that new drugs can make to patients' lives. However, I felt there had to be a better way and set out to look for an alternative. Our model not only enables companies to move away from animal testing but also improves safety for patients too. We look forward to working with many more clients and scaling the business with a view to global expansion in the future."
The investment was backed by Mercia and Greater Manchester Combined Authority to help the firm scale its enterprise client base.
"Around 40 per cent of brands with a B2B-focus have still not adopted ecommerce, largely because of the challenge of transferring their business model online. Many companies who come to us do so on the back of a two-year failed attempt to launch a store fit for their business. Shopblocks offers a solution. The funding will help us attract more ‘enterprise’ clients and support our goal to become a £50m turnover business."
Calculus Capital led the financing round alongside several institutional investors to support platform development and pipeline progression.
"GEiGS is already showing significant potential to transform the safety and efficacy of advanced therapies and we are excited that this new investment will allow us to progress towards pre-clinical candidate selection. We’re pleased to welcome such an experienced group of investors on board, bringing extensive sector expertise which will help us to grow as a company and accelerate the development of targeted, responsive treatments."
