Tech Transfer eNews Blog

U of Strathclyde start-up lands £1.2M investment for cancer-detecting technology


By Jesse Schwartz
Published: May 8th, 2019

A start-up from the University of Strathclyde in Scotland has landed a £1.2 million investment to commercialize a new method for detecting brain cancer.

The technology behind ClinSpec Diagnostics involves infra-red light and machine learning techniques, and can provide test results in just 10 minutes. The technology could potentially improve brain cancer survival rates via early detection.

The £1.2M funding comes from a group of investors including Mercia Fund Managers, the Scottish Investment Bank’s Co-Investment Fund, and EOS Technology Partners. ClinSpec has also secured funding from an Innovate UK grant and the Scottish Edge Higgs Award, bringing its total funding raised to over £1.6 million.

“I’m delighted to have completed this first investment into a [University of Strathclyde] spinout,” says Nicola Broughton, investment director and head of universities at Mercia. “This investment shows our commitment to investing in world-class research from the region and follows Mercia’s recent expansion in Scotland.”

Andrew McNeill, partner at EOS Advisory, comments, “EOS is delighted to have led this investment into ClinSpec alongside our partners at Mercia and Scottish Investment Bank. What is really exciting about ClinSpec is that their diagnostic technology has the potential to address a wide range of diseases, backed up by a strong IP portfolio.”

Source: insider.co.uk

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