Eagle Genomics secures £590,000 to expand its current bioinformatics offerings
Eagle Genomics, an expert provider of bioinformatics software and services across a wide range of the life science and other sectors, has today announced the first closing of £590,000, as part of a planned £1million investment round in line with plans to expand its offerings.
This first closing of the investment round was led by Midven's Rainbow Seed Fund together with angel investment from Jonathan Milner (CEO of Abcam) and other Cambridge Angels and members of London Business Angels (LBA), Cambridge Capital Group, and others.
This is Eagle's first fund-raising after five years' of profitable growth. The investment will be used to expand Eagle's current offering, including the development of ElasticAP, a SaaS (Software-as-a-Service) subscription platform, which will enable customers to analyse data through the Cloud using Eagle's expertise. The Company also plans to expand its consulting business by pushing further into non-traditional areas for bioinformatics such as consumer goods, food safety and animal health.
David Flanders, CEO 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 and Investment Director for lead investor Rainbow Seed Fund 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."
Anthony Clarke, CEO of LBA, said: LBA is delighted to have helped David and his team at Eagle reach their first close including inital investment from our members plus a planned £40,000 from our in house EIS Fund to follow shortly. Our lead angel who is now joining the Board of Eagle has done a great job in helping to coordinate the syndication process between London and Cambridge."
A second closing will take place within three months' time with the aim of completing the £1m total. David Flanders, added, "We are in active conversation with several interested parties, which gives confidence in reaching our full target.
Eagle has over 30 customers worldwide from the large pharmaceutical, biotechnology, crop science, bio-fuels, personal hygiene, and animal health sectors.
Eagle is an expert provider of bioinformatics consultancy across a wide range of commercial sectors, covering human health, plant sciences, food, animal health, consumer products, and more. Through its multidisciplinary team, Eagle can provide innovative and proven end to end solutions to support all your research needs. Eagle is active in developing new bioinformatics tools and techniques through a number of commercial and academic collaborations. From its headquarters in Cambridge, one of the world's fastest growing life sciences hubs, Eagle's client base covers the globe, including Europe, US and the Far East.
Midven Limited/Rainbow Seed Fund
Midven Limited is a privately owned commercial venture fund manager with a successful track record of investing in and exiting from small and medium-sized enterprises. Midven manages five funds totalling over £60m under management. The funds have invested in a wide variety of sectors, including software, bio technology, healthcare, engineering, manufacturing and distribution. Midven's £14m Rainbow Seed Fund provides investment start-up and early-stage for high growth technology businesses originating from our partners' (which include BBSRC and STFC) research or based at their world-leading campuses for science, technology and business at. See www.midven.co.uk for more details or follow us on Twitter @Midven
LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 20 years' experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years' investing experience through the LBA network. LBA is a founding member of the UK Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.
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