CryoLogyx, a University of Warwick (UK) spinout redefining cell technology through cryopreservation, closed a £500k seed funding round.
Backers included private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), which includes previous investors Oxford Technology Management.
The funding will be used to support commercialization of the company’s cryopreserved cell technology, scale up production of its assay-ready cells, and expand its reach in the UK and Europe.
Spun out from the University of Warwick in 2020 by CEO Dr Tom Congdon and CSO Prof Matt Gibson, who developed a cryopreservation method based on over a decade of research, CryoLogyx provides assay-ready, cryopreserved cells conveniently plated in a variety of formats and optimized for in vitro research. Its proprietary macromolecule cryoprotectant technology, Cryoshield™, reduces post-thaw damage to allow for direct use of viable cells from the freezer in less than 24 hours.
CryoLogyx’s range of frozen, ready-to-use adherent cell lines offers scientists an efficient, reliable and cost-effective solution with enhanced reproducibility. This could help to support the development of new screening technologies and automation in drug discovery, as well as potential future diagnostic and cell therapy applications. Most recently, the ready-to-use cells enabled scientists at the Warwick Antimicrobial Screening Service to deliver a typical four-week project in four days.
The latest funding follows earlier investment from Oxford Technology Management and private investors, alongside a £300K grant from Innovate UK in 2021. It will allow CryoLogyx to expand its team and scale production of its pioneering cell-based assays to meet increasing demand from the UK and European markets. It will also support the company’s R&D program, allowing it to accelerate the development and commercialization of new products and services, broadening its offering to existing and prospective customers, and opening up opportunities for global partnerships.
FinSMEs
18/03/2024