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Cytomos will use the £4 million in funding to develop its dielectric spectroscopy technology.
Cytomos, a Scottish life science company focused on developing new approaches to analyzing cells, announced on Aug. 9, 2023, that it had secured £4 million (approximately $5 million) to scale-up market testing of its technology platform Cytomos Dielectric Spectroscopy (CDS). According to a company press release, CDS is designed to provide high-speed, scalable, and low-cost cell analysis relative to existing systems.
The investment round was led by existing investors Archangels, as well as participation from Old College Capital, Scottish Enterprise, and new investor British Business Bank. According to the release, the new investment will allow Cytomos to significantly advance the development of CDS and expand its team. The company is targeting platform commercialization in 2024.
“On the back of a very successful year for Cytomos, this new funding will now allow us to scale up our engagement with industry partners,” said David Rigterink, CEO, Cytomos, in the release. “We truly believe that, through our CDS technology, we offer a powerful platform which will help the scientific community bring novel therapies to market faster and radically reduce costs by making better informed, game-changing decisions a lot earlier.”
“As a highly innovative, Scottish early-stage life science company with global horizons, Cytomos is an excellent fit for our investment portfolio,” said Sarah Hardy, director and head of new investments, Archangels, in the release. “Its ambitious vision to improve real time cell analysis in formats to better suit the end users will revolutionize the development and commercialisation of products in the bioprocessing and cell and gene therapies spaces. We’re looking forward to working with David and the team as they drive the business forward, making smarter, faster and more accurate cell analysis finally more accessible.”