Business angels from the US and UK as well as the Technology Strategy Board invest in the spin-out.

News of the agreement come along Neon completing its $4.1m series A.

The telecommunications business has exhausted the initial capital allocated to its Open Innovation Fund and has earmarked another $49m.

Belle Michigan and State Garden and the student-led fund invest $725,000.

The startup, which can crowdfund money to treat sick people in developing nations, has raised $1.2m in a seed round that included China-based web portal Tencent.

The internet company has funded a $1.6m seed round for 10sec, which operates as an online flea market.

Lanxness took a majority stake in Evocatal, and joined existing investors including High-Tech Gruenderfonds in backing the enzymes producer.