University College London (UCL) spin-out Endomagnetics has raised £2.1m ($3.2m) in series B investment for headcount and overseas marketing expansion.
The round was backed by existing investors New Wave Ventures, Sarum Capital, Sussex Place Ventures, and the tech transfer unit of its parent university UCL Business.
The Cambridge-based firm is using technology developed at both UCL and the University of Houston to produce breast cancer screening products that eliminate the use of radioactive compounds currently used in tests today.
Eric Mayes, chief executive of Endomagnetics, said: “We are delighted that all our investors have demonstrated their continued support for the business through this further fund raising. Reaction of clinicians to our SentiMag® product has been most enthusiastic.”
