‘Beer analyser’ start-up raises £1.4m
Angel CoFund marks first Welsh investment with IMSPEX Diagnostics backing
A Welsh chemistry start-up that produces a ‘beer analyser’ to determine when beers have reached maturity has raised £1.4m, in a round led by the Angel CoFund and Finance Wales.
Based in Abercynon, IMSPEX Diagnostics is an analytical chemistry company specialising in quality control devices in the environmental, food, drink, fragrance and clinical diagnostics markets.
In 2013, it acquired Dortmund-based technology company G.A.S GmbH, which now develops and manufactures IMSPEX’s two main products – Siloxane, a device to monitor the quality of biogas in real time, and the ‘beer analyser’, which allows breweries to assess aromatic and flavour components and determine when brews have reached maturity.
The funding round, led by government-backed investor Finance Wales and nationwide angel network the Angel CoFund with input from private investors, will be used to establish a new administration and sales team based in Wales.
Santi Dominguez, executive chairman of IMSPEX, said: “The successful completion of this financing round in these challenging economic times demonstrates investor confidence in IMSPEX’s IMS technology and our growing product range in key markets.
“With this funding, IMSPEX is now able to establish a globally facing Sales Force which will enable us to grow our revenue streams and reach profitability.”
Tim Mills, investment director at the Angel CoFund, added: “The Angel CoFund was set up to ensure that cash gets to UK high growth businesses where it’s needed – and we are particularly pleased to be investing in IMPSEX, both as a fantastic UK tech business, and also as our first investment into Wales.
“Wales has a thriving startup community and this is just the beginning of the Angel CoFund’s interest in Welsh high growth businesses.”