MIP Diagnostics, a UK nanotechnology business has secured increased investment of its previous round of funding, totalling £7.3M. The joint investment comes from Mercia Asset Management, Calculus Capital, Downing Ventures and BGF, along with an original angel investor.
Bedfordshire based MIP Diagnostics is the market leader in Molecularly Imprinted Polymer (MIP) technology. The business has developed and patented a novel design and development process to make nanoMIPs; nano-scale molecularly imprinted polymers that act as synthetic antibodies. They are ideally positioned for use in diagnostic devices such as biosensors and other next generation IVD tests. nanoMIPs offer significant differentiators over traditional antibodies, namely due to their extremely robust nature coupled with best-in-class sensitivity and selectivity. They are exceptionally stable in harsh conditions and fluctuating temperatures, enabling reliable, next generation testing in various clinical settings and global environments.
Following the first tranche of investment in June 2020, MIP Diagnostics has now completed its second tranche, which was oversubscribed by an impressive 112%. By rapidly achieving strategic milestones, developing its technology, securing commercial agreements with blue chip customers, and building excitement in the industry, the joint investment has now reached £7.3M.
Stephane Argivier, CEO at MIP Diagnostics said of the investment, “We are delighted that our investors have emphatically and unanimously backed our vision to become leaders in next generation affinity reagents following the achievement of the key milestones we set together 18 months ago. We will continue to bring highly talented and experienced people to the business at all levels to accelerate our growth. This will be delivered by completing the industrialisation of our technology in targeted applications and bringing exciting new products to market to address unmet needs with high performance customer-centric solutions, which in turn will drive market adoption.”
Allie Lindsay, Calculus Capital, said, “We are delighted to be increasing our stake in MIP at a point where they have made significant technical progress which they are converting into an exciting commercial proposition.”