The Venture Codex

Led · Equity · May 2017

Linear Diagnostics is developing a rapid diagnostic platform based on a novel application of linear dichroism. The technology uses polarized light to measure the alignment of detector molecules, allowing identification of bacteria, proteins, and genes and providing quantitative readings from a single sample. The company plans to develop the platform into a handheld device that detects bacterial infections and simultaneously identifies the risk of resistance to commonly prescribed antibiotics without laboratory facilities. Its first application will be a point-of-care urinary tract infection (UTI) device for use in primary and secondary care to help restrict inappropriate prescriptions and combat antimicrobial resistance. Although initially focused on the medical sector, the platform can also address markets in agri-food, veterinary, and defence settings. Financially, Linear raised £300K in funding supported by an investment from Rainbow Seed Fund and a matching award from the University of Birmingham’s Spinout Investment Fund.

Participated · Equity · Sep 2016

Keit builds MicroFTS, a rugged FTIR spectrometer that directly measures molecular bonds to determine the identity and concentration of fluid components. The device has no moving parts, enabling operation in tough environments such as manufacturing facilities. Target industries named include chemical, pharmaceutical and food & drink, where the product supports process optimization and waste minimization. The company is led by CEO Dan Wood and is based in Harwell, UK. The recent financing will be used to complete certification of Keit’s first product and to provide working capital for a worldwide launch. No operating metrics were disclosed in the article.

Participated · Equity · May 2016

Mirico develops continuous, wide‑area monitoring systems that quantify greenhouse gases such as methane and carbon dioxide across entire industrial sites using a single instrument. The company plans to accelerate rollout of its emissions monitoring solutions to meet growing demand driven by net‑zero targets. Mirico said the recent funding will enable it to scale its gas emissions monitoring business and expand deployment. The firm has collaborated with Shell for several years to validate technology and quantify emissions at Shell sites. Mirico was named one of the top emerging climate tech companies in PwC’s Future50 report. The company is based in Oxford, United Kingdom. Mirico designs, develops and manufactures gas sensing solutions that use next-generation laser techniques for applications including environmental monitoring and industrial process control. The company has developed a prototype system for remote detection of emissions for industrial facilities and scientific applications over the past two years. Mirico recently secured £3.5m in venture funding to advance its product work. It intends to use the funds to complete product development of its current system and to build a manufacturing capability to serve its worldwide customer base. Mirico was spun out of the RAL Space Division of the UK’s Science and Technology Facilities Council in late 2015 and is led by newly appointed CEO Dr Linda Bell. Mirico is an Oxford, UK–based developer of laser spectroscopy systems for environmental monitoring, medical diagnosis and industrial process monitoring. The company is advancing compact, field‑deployable analytical instruments for trace gas analysis that aim to deliver laboratory‑standard performance. Its initial product focus is the Laser Isotope Ratiometer (LIR), developed to measure gases in Mars’s atmosphere. Mirico also holds rights to additional laser spectroscopy technologies with applications across larger markets. The company intends to commercialize its first products using newly raised capital. Leadership includes Mohammed Belal (Business Development Director) and Damien Weidmann (Chief Scientific Officer), and the business grew out of more than 10 years of R&D at the STFC Rutherford Appleton Laboratory Space division.

Participated · Equity · Oct 2013

Contego Fraud Solutions offers an automated compliance platform that automates onboarding, monitoring and data enrichment while delivering real-time compliance and fraud checks. Its software is used across property, banking, financial services and public sectors to improve operational efficiency and reduce costs and risk when dealing with people, companies and identity documents. The platform performs a wide array of screening, verification and vetting assessments including KYC, AML, Right to Work and Right to Rent checks, and counter-party risk management. Contego’s solutions enable customers to gain a fuller understanding of clients, customers and employees through automated processes. The company was founded by CEO Adrian Black in 2010 and is based in Abingdon, UK. It intends to deploy recent funding to continue growing the business. Contego provides a software platform that performs due diligence and risk analysis on individuals and companies, serving sectors such as business centres and virtual offices, recruitment, pre-employment screening, property and financial services. The platform targets any sector with intelligence-sharing requirements. The company is led by founder and CEO Adrian Black and is based in Oxford, UK. Contego intends to use the new funding to expand its sales and marketing team in the UK and to accelerate revenue growth. The company previously raised seed funding in 2012 from seed angels and the Cass Entrepreneurship Fund. To date Contego has raised £1.4m.

Participated · Equity · Mar 2011

Tokamak Solutions is developing a novel fusion neutron source based on a super-compact tokamak to confine plasma for neutron production and plasma research. The company intends to use the newly raised funds to complete the design of this device. Applications for the technology cited by the company include cleanup of nuclear waste, production of medical isotopes for diagnosis and treatment, and in the longer term contributing to zero-carbon large-scale hydrogen production. Tokamak Solutions was founded in 2009 and aims to commercialise spherical tokamaks as neutron sources and plasma research instruments. The company is based in Abingdon, UK, and positions its machines as compact alternatives for neutron generation and experimental plasma work. It recently raised £170,000 in equity funding to advance its design work.