Eagle Genomics closes final part of £1m fundraising
London Business Angels leads second round backing of bioinformatics software firm
Bioinformatics software and services provider Eagle Genomics today announced the final closure of a £1m fundraising, led by members of investment consortium London Business Angels.
Founded in 2008, Eagle Genomics develops analytics software for a wide range of sectors that use biological data, including pharmaceuticals, crop science and personal hygiene.
The current £410,000 investment comprised around £200,000 from London Business Angels and also contained input from the Angel CoFund and first round investor, Abcam CEO Jonathan Milner.
It is in addition to September’s £590,000 investment in the company, which was led by Midven, and brings the total raised by the firm to £1m.
The £1m backing marks the first time Eagle has taken external investment, following five years of profitable growth.
The investment will be used to develop Eagle’s range of products, including its flagship Software-as-a-Service (SaaS) platform ElasticAP, which allows clients to access Eagle’s analytics expertise through the cloud.
Eagle said it also planned to develop its consulting business by expanding further into non-traditional sectors for bioinformatics such as consumer goods, food safety and animal health.
To facilitate the development of its products and services, Eagle will double the size of its current team, making hires in both bioinformatics and software development.
David Flanders, chief executive of Eagle, commented: “With the fundraising now secured, we can really begin to make progress in achieving our commercial goals.
“We have already begun our expansion, and the development of ElasticAP relationship is underway – all while we continue to grow the consulting side of the business.”
George Whitehead, chairman of the Angel CoFund, added: “Eagle has been a profitable business for a number of years, but needed this cash injection to get the business to the next stage.
“This is exactly what the Angel CoFund is all about – identifying high growth UK tech businesses and making sure they receive the right levels of funding to have a real impact.”