Scottishbiotech engineering company uFraction8 has secured £3.4 million following the completion of a funding round.

The investment round was led by Foresight Group together with University of Edinburgh’s in-house venture investment fund Old College Capital, Scottish Enterprise, AlwynCapital, Thia Ventures and a grant from the Polish Agency for Enterprise Development.

It will further commercialise Falkirk-based uFraction8’s technology, originally developed at the University of Edinburgh’s School of Engineering.

The company serves several markets, including microalgae and biopharma, which are forecast to grow to $3bn and more than $30bn by 2030 respectively.

Co-founded by Dr Brian Miller and Dr Monika Tomecka, uFraction8 employs seven staff within its business in Scotland and Poznan, Poland. The company secured £2.5m investment in an earlier investment round in 2022 led by Thia Ventures.