Scottish Lab901 Raised £2.4M in Equity Funding

Lab901, an Edinburgh-based manufacturer of innovative automation systems for the life science industry, raised £2.4m in equity funding led by its existing UK investors, including Archangel Informal Investment Ltd, Alliance Trust Equity Partners (ATEP), Scottish Enterprise SVF, Foresight 3 VCT plc and TriCapital Ltd.
Lab901 will use the funds to develop the international sales of its ScreenTape laboratory analysis platform (now sold in more than 20 countries through a network of 16 distribution partners) and its product range as a whole. Lab901 recently launched two new versions of ScreenTape for Protein and RNA analysis, which are being sold direct throughout Europe, with global sales beginning in 2010.
Commenting on the latest round of funding, Joel Fearnley, CEO and co-founder of Lab901, was reported as saying: “Lab901 has an enviable track record with the successful development and commercialisation of the innovative ScreenTape platform and our existing investors have provided the finance we need to support planned global sales growth”.

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