Midven’s Rainbow Seed Fund leads £590,000 backing of Eagle Genomics
Deal marks first part of £1m investment round to expand product range of bioinformatics software firm
Bioinformatics software and services provider Eagle Genomics today announced the closure of a £590,000 investment round, in a deal lead by investment group Midven.
Founded in 2008, Eagle Genomics provides analytics software and services to a wide range of sectors that use biological data including pharmaceuticals, crop science, personal hygiene and animal health.
The backing was led by investments from Midven’s Rainbow Seed Fund together with funds from London Business Angels, Cambridge Capital and others.
It marks Eagle’s first fundraising round after five years of profitable growth.
The investment will be used to expand Eagle’s current offering including the development of its ElasticAP platform, which allows consumers to view and analyse data using a cloud-based subscription service.
The funds, which are part of a planned £1m investment, will also be used to push the company’s consulting arm into non-traditional areas for bioinformatics such as consumer goods and food safety.
David Flanders, chief executive of Eagle, said: “This fundraising will be crucial to Eagle’s future development. The company has made remarkable progress in the five years since founding and this investment will help in transforming Eagle into a major player in bioinformatics services.
“With ElasticAP we can significantly increase revenues and at the same time our consultancy business is expanding rapidly. From our beginnings in human health, we now have clients in such diverse sectors as plant sciences, food, animal health, and consumer products.”
Dr Andrew Muir, director of Midven, said: “We are very pleased to be supporting the company’s growth plans in a sector which we think has a great deal of potential.
“The team has done a super job in bootstrapping the company to a international business based on a thriving biomedical campus.”