Biogelx, a 2012 spin-out of Strathclyde University, has secured £630,000 ($997,000) ahead of a planned overseas expansion.
The round was backed by the Scottish Investment Bank, Peak Capital Advisors, Gabriel Investments, and Strathclyde University.
Biogelx is developing hydrogels, which are used in drug discovery and toxicity research. Its gels replicate tissue and organs, and could be used to replace animal testing.
The technology is already being used in Europe and South Korea. Now, the company plans to edge into the US market, following the opening of its New York office. It will also use the investment to double its headcount over the coming year.
David Lightbody, CEO at Biogelx, said: “It’s a very exciting time for Biogelx as the company takes its first steps in to the global market. Since inception, we have received invaluable support from BioCity Scotland and it has recently provided us with a springboard to success. Key to our success will be to build upon our achievements at BioCity so we’re delighted to expand this team further here.”
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