UK venture capital firm YFM Equity Partners has helped raise a further $3m in finance for British biomedical firm Sirigen, which it will use to support the commercialisation of its high sensitivity fluorescence amplification technology.
The funding round was led by YFM through the Seraphim Capital Fund and British Smaller Companies VCT2, alongside a syndicate of other investors including Oxford Capital Partners, IQ Capital and NESTA.
In 2000 the Nobel Prize in Chemistry was awarded for the discovery of a unique class of conducting polymer materials which are said to be revolutionising the electronic and display industries that are the foundation of Sirigen’s technology.
The company’s light harvesting technology acts as an amplifier, dramatically improving the sensitivity of clinical tests used in drug discovery and the diagnosis of health disorders such as blood cancers. These enable tests that would previously have been ‘not sensitive enough’ and the potential for speedier testing with less sensitive equipment.
Mark Boggett, a director of YFM Equity Partners, said, “We are excited to be backing Sirigen through a period of transformational change. There is clear momentum in the marketplace with the leading diagnostic and life science companies all looking to bring innovative next generation products to their customers. Sirigen is attracting the interest of the major players in the market and we look forward to announcing further significant channel relationships in the coming months.”
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