LyraChem, a Newcastle upon Tyne, UK-based chemical company, recently raised £220k in funding.
The investment was made by Northstar Ventures through the Finance for Business North East Accelerator Fund and further investment from the Finance for Business North East Proof of Concept (POC) Fund.
The company, which recently secured work from chemical companies in Europe, Asia and the United States, intends to use the capital to extend software capabilities, strengthen its market position in Europe and continue to develop new markets in the US and Asia.
Founded in 2008 as a Durham University spinout business by CEO Carl Thirsk and Newcastle University’s Allen Wright, LyraChem provides software designed to help its clients improve their drug and chemical making processes. It uses a multidisciplinary workflow to characterize the client’s target process in chemical, physical and chemical engineering terms. It then captures this knowledge in the form of models, and then use the software to develop strategies to improve the process.