Reactec, a spinout of Edinburgh University that has developed personal monitoring equipment to protect workers from injuries caused by power tools, has collected £700,000 ($875,000) in funding from the Scottish Investment Bank, the investment arm of state-owned development agency Scottish Enterprise and Archangels, which led the round, as well as Reactec employees, according to the Scotsman. The money will go towards further product development and the recruitment of four sales and engineering staff.
Genting Bio Cellular, a life sciences subsidiary of conglomerate Genting, has invested $2m in Singapore-based molecular diagnostics technology developer Nova Satra as part of a deal that gave it Malaysian distribution rights to the diagnostic tests the startup is working on, DealStreetAsia reported on Tuesday. Nova Satra is developing molecular diagnostics tests to detect a range of cancers. The company exploits an epigenetic platform technology developed at Oxford University. (via our sister site Global Corporate Venturing)
Harvard University’s tech transfer subsidiary Office of Technology Development has partnered Canada-based VC firm Quark Venture to receive $4.5m in research sponsorship, FinSMEs reported yesterday. The deal will focus on biotechnology and health sciences spinouts.
Touchstone Innovations, the commercialisation firm spun out of Imperial College London, yesterday injected £1.5m in seed capital in Cardian, a newly formed spinout of Imperial. Touchstone will own a 53.7% stake in the spinout following the deal. Cardian is commercialising an implantable device to improve the monitoring and treatment of patients suffering from cardiac failure. The device offers an automated, wireless monitoring of blood pressure in the pulmonary artery.
Elasmogen, a UK-based developer of treatments for diseases such as macular degeneration, has received £1.2m in funding to support the further development of its therapies from the Scottish Investment Bank and Deepbridge Capital, with UK government-owned innovation agency Innovate UK awarding a grant. Elasmogen is a spinout of Aberdeen University.
