Paraytec Ltd, a York-based scientific instrument company, secured over £150,000 in its latest round of funding, following its involvement in the Yorkshire Forward Access to Finance for Healthcare Technologies programme.
The Viking Club, Yorkshire Association of Business Angels and Yorkshire Fund Managers participated in this investment.
Part of the funding was in the form of a loan from the Viking Loan Fund.
Formed as a spin-out from the Chemistry department of the University of York in 2005, Paraytec designs, develops and manufactures innovative instruments for use in drug development.
As stated by Mark Vaux, Chief executive officer of the company, the proceeds will be used to sign the first major OEM contract with one of the leading companies in the scientific instrumentation field to take the business on to the next stage.
In addition to the investment, the Grant Thornton team which manages the above mentioned Access to Finance programme, gave advice on applying for an R&D tax credit which led to Paraytec making a claim of £38,000.