Lab901 Limited, the Edinburgh-based developer and manufacturer of innovative automation systems for the life science industry, has successfully raised £2.4 million in equity funding. This latest vote of confidence comes from Lab901’s strong consortium of UK investors, comprising Archangel Informal Investment Ltd, Alliance Trust Equity Partners (ATEP), Scottish Enterprise SVF, Foresight 3 VCT plc and TriCapital Ltd.
Lab901 (lab901.com) will use the cash injection to expand international sales of its ScreenTape® laboratory analysis platform and further develop its product range. This automated platform replaces manual analysis of bio-molecules (Proteins, DNA and RNA), giving faster results and enabling better decision making. It is now widely used for infectious disease testing, (e.g. screening for swine flu), in the molecular diagnostics market where it continues to deliver proven commercial benefits. Since launching in 2007, ScreenTape is now sold in more than 20 countries – including S. Korea, S. Africa, Canada, Venezuela , Malaysia and Mexico as well as many European countries – through a network of 16 distribution partners.
Building on this success, Lab901 also recently launched two new versions of ScreenTape for Protein and RNA analysis, targeting the significant global market for Biomedical research in Pharmaceutical Companies, Universities and Research Institutes. These products are currently being sold direct throughout Europe, with global roll-out commencing 2010.
Commenting on the latest round of funding, Joel Fearnley, CEO and co-founder of Lab901, said: “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.”
John Waddell, CEO of Archangel Informal Investments, added: “In challenging times, it is very encouraging that Archangel investors are continuing to support Scottish companies like Lab901 to help them grow into global businesses. This funding round reflects the dedication of the management team in meeting key milestones and its proven ability to succeed on the global stage.”