Bio firm raises funds for animal disease technology
Biotangents, a Scottish biotechnology business, has secured £2.2m to roll-out its rapid animal disease detection technology.
The investment includes £1.6m from the UK Government’s Innovate UK and a further £600,000 from a funding round led by the investment syndicate Kelvin Capital, supported by Scottish Enterprise.
The company also secured £1.2m in August last year, also led by Kelvin Capital, following an initial £1.5m in May 2019. Kelvin Capital represents private investors in the UK, Europe, and the US.
Biotangents has confirmed the appointment of Fiona Marshall as CEO and Ross McDermid as director of commercialisation. Both have had commercial careers in the animal health and veterinary sectors. Professor Richard Hammond as a non-executive director.
John McNicol, director of Kelvin Capital said: “We have supported Biotangents since 2017 and are delighted to continue that and welcome the strengthening of the existing operational team and the company’s board.
“This disruptive technology will bring additional benefits to the global dairy sector and wider AgriTech sector because rapid diagnostic technology brings financial benefits to farmers and dramatically improves animal welfare.”
Kerry Sharp, director of Entrepreneurship and Investment at Scottish Enterprise said: “Scotland is globally renowned for its strengths in life sciences, owing that reputation in part to innovative biotechnology businesses such as Biotangents.
“Working alongside companies in this sector to progress ground-breaking diagnostics technology, and in turn investing in Scotland’s wider rural economy, is a priority for Scottish Enterprise.”