The oversubscribed raise was led by investment platform Wealth Club alongside existing backers Deepbridge Capital and Boundary Capital.
"Glyconics offers a transformational, cost-efficient, rapid and non-invasive approach to diabetes screening – and it is testament to this pioneering device and all at Team Glyconics that this raise was so significantly over-subscribed. We are delighted to be continuing with our existing investors and, of course, welcome our new investors from Wealth Club and other private investors to the fold."
The oversubscribed round was backed by investors including Sumerian Foundation and Wealth Club.
"We’ve been blown away by the level of interest in the funding round. We quickly raised £1m from existing investors – both domestically and abroad – which was a real vote of confidence in our model – and we made up the additional £1.5m in just ten days."
The Development Bank of Wales and Wealth Club backed the round to fund commercial growth.
"Utility businesses are facing increased governmental and regulatory pressure to provide accurate meter readings and improve their environmental credentials. We’ve spent the time developing and patenting our innovative technology that now provides real-time accurate meter reads to meet regulatory requirements, remotely and at half the cost."
The funding was secured from Wealth Club and the Development Bank of Wales to support product development and global expansion.
"Our purpose has always been to help people be better with data. This funding is a fantastic recognition of our hard work and shows a strong belief and confidence in our forward mission as a business."
