Round capped at £650,000
Eager investors provide record funding for Arrayjet
Arrayjet, the life sciences instrumentation company, has closed its largest-ever funding round after being oversubscribed with offers from enthusiastic investors.
Archangel Investors and Scottish Enterprise are providing the bulk of the £650,000 raised which will expand the Midlothian firm’s consultancy service, increase its global commercial resource and bring new products to market.
The original investment was pitched at £500,000 but the round was capped at £650,000 after investors readily pledged funds against the growth plans outlined by Iain McWilliam, the company’s chief executive.
The company continues to see a surge of demand from life sciences and pharmaceutical companies, universities, and research laboratories across the globe looking to integrate its microarray printing technology to enhance complex drug discovery programs and other biomedical research strategies.
Mr McWilliam said: “As demonstrated by our remarkable growth, Arrayjet is forging a strong path in the development and delivery of microarray technology for the global life sciences industry.
“This latest round of investment from Archangel Investors and Scottish Enterprise will help Arrayjet capitalise on the global market demand for our technology, and accelerate the company’s pace of product innovation.
“We are particularly proud of our significant contract wins in recent years.”
Sarah Hardy, chief investment officer at Archangel Investors, said: “We’re proud of everything that Arrayjet has achieved. At Archangels, we recognise the need for follow-on investment to enable companies to grow and there was a strong appetite to invest further in Arrayjet and provide the business with the support it needs to embark on the next stage in its development.”
Arrayjet continues to work with some of the world’s highly renowned research laboratories across Europe, the US, the Far East and Australasia, validating its unique value proposition of delivering a modern microarray platform that enhances a diverse program of data-critical and bioinformatic outputs for clients.
The company has sustained three years of consistent growth, catalysed by a restructuring and reshaping of the board, bringing more commercial focus to the company.
As part of this, the serial entrepreneur and investor Alan Faichney was appointed as non-executive chairman and Martin Ramsay as non-executive finance director, joining Mr McWilliam and chief operating officer Kirsty Macfarlane to complete the board.
For this investment round, Arrayjet was represented by transatlantic boutique corporate law firm Rooney Nimmo (formerly Nimmo WS), with MBM Commercial representing Archangel Investors and Scottish Enterprise.