Edinburgh-headquartered Cytomos, a life science firm pioneering a novel cell analysis approach, disclosed its successful attainment of €4.64 million in a recent funding round. The funds will be directed towards the expansion of market testing for its innovative technology platform, Cytomos Dielectric Spectroscopy (CDS).
The funding round was spearheaded by existing backers Archangels, joined by Old College Capital, Scottish Enterprise, and newly onboarded investor British Business Bank.
Back in 2022, Cytomos successfully secured £1.6 million in Seed Funding from Archangels, with Scottish Enterprise and Old College Capital also contributing. This investment facilitated the company’s expansion in terms of technical advancements and personnel, growing its team from seven to twelve employees.
Additionally, Cytomos recently received a £0.5 million reward in SMART grant funding from Innovate UK.
“We are gaining notable momentum and eagerly anticipating the next phase of company advancement, team augmentation, and the enhancement of our groundbreaking technology for real-time, in-line cell analytics,” stated Cytomos.
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About the Lead Investor
Established in 1992, Archangels is a syndicate of business angels specializing in supporting early-stage Scottish life sciences and technology firms. The company boasts approximately 120 members, an 11-member board, and a dedicated executive team. Currently, their portfolio comprises 19 companies.
Sarah Hardy, Director and Head of New Investments at Archangels, expressed, “Cytomos’ bold vision to enhance real-time cell analysis methods, tailored to meet the needs of end users, holds the potential to revolutionize product development and commercialization within the bioprocessing and cell and gene therapies sectors.”
Anticipatory Analysis for Bioprocessing and Cellular Therapies
Established in 2012, Cytomos has introduced a platform named CDS (Cell Decision Systems) to tackle challenges within the biopharmaceutical industry.
CDS provides rapid, scalable, and cost-efficient cell analysis, with the aim of expediting drug development and reducing expenditures. It empowers researchers to make crucial decisions earlier in the process, leading to cost savings by enabling swift adaptations.
By addressing issues related to information access, the platform strives to optimize processes for producing advanced therapies and transform decision-making in the biopharmaceutical sector.
Over the past year, Cytomos has bolstered its operational management and strategic team with the addition of CEO David Rigterink and CSO Lindsay Fraser.
Under this leadership, the company has fostered partnerships with key players in bioprocessing and cell/gene therapy, including prominent C(D)MO leaders, leading providers of bioprocessing solutions, and innovative TechBio partners in the Advanced Therapy and Medical Products (ATMP) field.
Funding Usage
Cytomos has outlined plans to utilize the funding to propel the advancement of its technology and significantly expand its team. The company has set its sights on the commercialization of its platforms by 2024.
CEO David Rigterink emphasizes, “Our distinctive advantage lies in leveraging the capabilities of consumer electronics technology to effectively address the evolving and intricate demands of the bioprocess sector. Building upon a highly successful year for Cytomos, this fresh infusion of funding will facilitate the expansion of our collaborations with industry partners.”
Rigterink further states, “We firmly believe that our CDS technology offers a robust platform that will empower the scientific community to accelerate the introduction of groundbreaking therapies to the market, while substantially curbing costs through the facilitation of well-informed, transformative decisions at an earlier stage.”
