MIP Diagnostics, a Bedfordshire, UK-based nanotechnology business, completed a £5.1m funding round.
The round was led by Downing Ventures, with participation from BGF, Mercia and Calculus VCT.
The company intends to use the funds to accelerate its global expansion.
The company intends to use the funds to build its in-house R&D team as well as invest in commercial resource and scaling-up of manufacturing capacity.
Originally founded in 2015 as a spin out from the University of Leicester Chemistry Department, MIP Diagnostics has developed a proprietary process for the manufacture of synthetic polymer alternatives to antibodies, known as Molecularly Imprinted Polymers (MIPs) and nanoMIPs.
The company develops and manufactures synthetic affinity reagents – small molecules that are designed to bind to specific target molecules for detection, purification or extraction purposes. The nature of the MIPs allows for a range of applications including point-of-care diagnostics, clinical and non-clinical in-vitro diagnostics (IVD), healthcare and bioprocessing. MIPs are also suited to enhance sensor detection in a wide range of applications. Given their synthetic nature, MIPs can withstand harsh chemical environments such as extremes of pH, seawater, or high concentrations of organic solvents. In addition, MIPs are temperature resistant and have a very long shelf life at room temperature, making them ideal when the cold chain cannot be guaranteed.