A £500k seed funding round was closed by CryoLogyx, a University of Warwick (UK) spinout that is using cryopreservation to redefine cell technology.
Supporters included the Wider Oxford Technology Angel Network (WOTAN), which comprises Oxford Technology Management, a former investor, and private UK business angels.
The money will help the business commercialize its technology for cryopreserved cells, increase the volume of assay-ready cells it produces, and broaden its clientele in the UK and throughout Europe.
After more than ten years of research, CEO Dr. Tom Congdon and CSO Prof. Matt Gibson spun out CryoLogyx in 2020. The company offers assay-ready, cryopreserved cells that are conveniently plated in a variety of formats and optimized for in vitro research.
Its exclusive CryoshieldTM macromolecule cryoprotectant technology minimizes post-thaw damage, enabling the immediate use of viable cells straight out of the freezer in less than twenty-four hours.
The assortment of frozen adherent cell lines from CryoLogyx provides researchers with an effective, dependable, and reasonably priced solution with improved reproducibility.
Future applications for cell therapy and diagnostics, as well as the development of new screening technologies and automation in drug discovery, may benefit from this.
Most recently, researchers at the Warwick Antimicrobial Screening Service were able to complete a project that would have taken four weeks in four days thanks to the ready-to-use cells.
The most recent funding comes after a £300K grant from Innovate UK in 2021, as well as prior investments from Oxford Technology Management and private investors.
This move will enable CryoLogyx to accommodate the growing demand from the UK and European markets by growing its workforce and increasing the production of its innovative cell-based assays.
Additionally, it will help the business with its research and development (R&D) program, which will speed up the creation and launch of new goods and services, expanding its clientele to include both current and potential clients and creating chances for international collaborations.
