Micrima maximises $3.4m series B

Micrima, a breast imaging technology spinout of Bristol University, today raised £2.6m ($3.4m) from investors including the Bristol University Enterprise Fund.

The fund, managed by Parkwalk Advisors, contributed alongside Technology Venture Partners, Warraton Partners and the Angel CoFund.

Founded in 2006, Micrima is developing Maria, a breast imaging technology currently undergoing clinical trials across the UK. The company is a portfolio business of SetSquared, the enterprise collaboration partnership between Bristol, Bath, Exeter, Southampton and Surrey universities.

The funding will support accelerated development of Maria, and the company plans to start commercialisation of its first system towards the end of the year.

This latest round follows a $2.4m round in 2012 from Angel CoFund, YFM Equity Partners, Swarraton Partners and assorted angel investors, and $3.9m in a 2008 round from Yorkshire Fund Managers, Swarraton Partners and the National Endowment for Science, Technology & the Arts (Nesta).

Nesta previously also supplied £475,000 in capital alongside Nesta, Quester Capital and Sulis Innovation.

Tim Mills, investment director at Angel CoFund said: “We originally invested in Micrima because we knew we had found an extremely capable team working with some very interesting technology in a sector with considerable opportunity for innovation.

“The team has really delivered on our expectation in the last couple of years and we are very happy to be supporting them again through this next phase of development.”