New diagnostic device company Cytecom, a spin-out from the University of Warwick in 2018, has secured seed funding (of £100k) from Oxford Technology Management to continue development of its portable device for on-the-spot detection and identification of live bacteria.
Cytecom was a successful participant in the ICURe Innovation to Commercialisation programme, which offers university researchers with commercially-promising ideas up to £35k to ‘get out of the lab’ and validate their ideas in the marketplace. During the programme, XXX met with over 100 experts and potential customers in sectors including water monitoring, food and beverage production and medical microbiology. As a result of this research, Cytecom was able to understand the specific market requirements for their device and produce working prototypes for demonstration and trials.
Innovate UK awarded Cytecom further grant funding of £xxx in September 2018 for development of prototypes, and following their successful demonstration, Oxford Technology came on board with an initial investment of £100k.
Xxx said “This investment will allow us to accelerate the development of a commercial product, speeding up our route to market and allow us to focus on the next stages of high volume manufacturing by working with the device manufacturers.”
“Once the product has been validated in the field we will be able to secure regulatory approval which is required to access the live microbial detection market worth over $880M worldwide.”
XXX, Investment Director and Head of Technology Transfer, Oxford says: “Oxford Technology Management is pleased to provide early stage investment to a Life Sciences business that offers potentially disruptive diagnostic technology that could have huge benefits to the sector.”