Finance for Business North East invests $173,000 in Hexislab, a company using machine learning to identify compounds for skincare.
Hexislab, a UK-based skincare company, has raised £120,000 ($173,000) from Finance for Business North East.
Finance for Business North East is financed by the European Regional Development Fund and European Investment Bank under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative (Jeremie).
It has seven funds that focus their investments on companies at different stages growth and different sectors. Hexislab secured its investment through the Proof of Concept Fund, which invests in seed stage companies in the technology sector and is managed by Northstar Ventures.
Hexislab, established in 2013, uses data mining and machine learning to find compounds that are of interest to the skincare industry. It looks for compounds that can be used for anti-aging, skin repair and protection with a focus on global skin types.
The approach has been developed in conjunction with Mark Birch-Machin from the Dermatological Sciences department at Newcastle University.
The company will use the funding from the round to support its growth.
Olusola Idowu, founder of Hexislab, said: “We are now looking to develop products for a range of clients in the high-end consumer market, including skincare clinics, spas, dermatology clinics and cosmetic companies.”
Rebecca Roberts, investment manager at Northstar Ventures, said: “Hexislab is a unique business and one we are excited to be working with. The extensive amount of R&D has led to innovative evaluations, giving Hexislab’s clients a significant competitive advantage.
“Partnerships with organisations such as Newcastle University will provide the company with the opportunity to develop its database further and expand the product portfolio.”
– This article first appeared on our sister site Global Government Venturing.
