UK-based medical coatings firm Ai2 has raised £1.75m ($2.7m) from venture capital firms MTI and Spark Impact.

MTI will invest £950,000 while Spark will provide the remainder to Ai2, which is based in a University of Manchester laboratory.

MTI manages the £32m UMIP Premier Fund investing with spin-outs from the University of Manchester, while Spark manages the £25m North West Fund for Biomedical, part of the state-backed £185m North West Fund.

In 2010, Ai2 signed its first major license deal with contact lens manufacturer Sauflon Pharmaceuticals.

A year earlier, in December 2009, Ai2 raised £250, 000 from MTI, which then became "a substantial shareholder".

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