The seed round was supported by a syndicate of investors including the Development Bank of Wales and the UKI2S Innovate Accelerator to fund platform development and laboratory expansion.
"Our investors recognise the potential of our AI-powered antibody drug discovery platform to provide a breakthrough in the industry. With our technology, it will be possible to develop drugs for difficult targets and ultimately reduce drug discovery timescales from years to weeks. In addition to platform development, the funding will enable us to invest in facilities and recruitment; we are grateful to our investors and Innovate UK for their continued support."
The Cambridge-founded legal tech company has secured £7.5m from Octopus Ventures and existing backers to scale its US presence and sales operations.
"To receive this investment in the current climate is testament to the relevance of ThoughtRiver’s technology, when across the globe, businesses are looking to do more with less."
The funding round was led by Cambridge Enterprise with backing from Cambridge Angels, SyndicateRoom and Camvision.
"The team has done a fantastic job so far and Mario will continue to work closely with Michael as we ramp up production and bring new products to market,"
The funding will support the development and commercialisation of the company's electrostatic audio technology for vehicles.
"Currently the automotive industry uses mainly magnetic coil technology within its in-car speakers. While simple and cost effective, they tend to take up lots of space and weight, which doesn’t fit with the power-consumption and carbon-emissions-conscious world we live in today,"
The funding round was backed by business angels and private investors, including a £189k allocation on SyndicateRoom.
"Following extensive due diligence our investor group believes Evince has a unique practical approach to realising electronics using synthetic diamond. Diamond offers the potential to yield devices that are up to 100x faster than silicon and could therefore revolutionise electronics across a broad range of industries and multi-billion dollar markets. Our investment decision was based amongst other things on the professionalism of the company’s approach, its passion and determination to succeed, and in particular its rigorous development programme to deliver first prototype solid-state diamond electronic devices."
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