Dxcover raises £9.7m for cancer detection tech
Dxcover, a Glasgow-based company working on technology for the detection of cancers, has raised $11.9 (£9.7) million in Series A and grant financing.
The funding was led by existing investors Eos Advisory LLP, Mercia Asset Management (from Mercia EIS Funds and Mercia Knowledge Intensive Impact Fund), Scottish Enterprise, University of Strathclyde, SIS Ventures and Norcliffe Capital.
Boston-based life science investor Mark Bamforth of Thairm Bio also joined the round as Dxcover continues to develop its US network.
Dxcover received a grant of $2.7 (£2.2) million from the European Innovation Council, following a rigorous competitive process.
“This is a very significant funding milestone in our mission to detect cancer early and improve survival and quality of life for patients,” said Dr. Mark Hegarty, CEO, Dxcover.
“Having demonstrated our multi-cancer capability, we can now focus on building the pipeline of organ-specific tests.”
Andrew McNeill, managing partner, Eos Advisory, said: “Dxcover fits perfectly with Eos’s focus on finding and scaling Scottish companies that address key global issues. Their ability to diagnose early-stage cancers could transform survival rates and patient outcomes, and this investment is testament to their quality of data and growth.”