• Successful seed round supports scaling and market reach
    Tom Congdon
  • Tim Hart (Credit: Warwick Innovations)

Company News

Successful seed round supports scaling and market reach

Mar 19 2024

University of Warwick spinout CryoLogyx, focused on cryopreserved cell formats has closed its oversubscribed £500k seed round funded by private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), which included previous investors Oxford Technology Management. The funding will support the scale up production of its assay-ready cells and expansion of its reach in the UK and Europe.

Spun out in 2020 by CEO Dr Tom Congdon and CSO Prof Matt Gibson, who developed a cryopreservation method based on over a decade of research, the company provides assay-ready, frozen cells plated in a variety of formats and optimised for in vitro research. Its proprietary macromolecule cryoprotectant technology, Cryoshield™, significantly reduces post-thaw damage to allow for direct use of viable cells from the freezer in less than 24 hours. As well as saving time on routine cell culture tasks, this format offers enhanced reproducibility that could help to support the development of new screening technologies and automation in drug discovery. Most recently, the ready-to-use cells enabled scientists at the Warwick Antimicrobial Screening Service to deliver a typical four-week project in four days.

The latest funding follows earlier investment from Oxford Technology Management and private investors, alongside a £300K grant from Innovate UK in 2021.

CEO and Co-founder Dr Congdon, said: “We are grateful to our business angel investors and WOTAN for their confidence and continued support in the company's growth. CryoLogyx is proud to be empowering scientists to conduct research more efficiently using our cryopreserved, assay-ready cells and this funding will help us scale operations to ensure we meet researchers’ needs and expand our reach into new markets.”

Dr Tim Hart, Director, Warwick Innovations, who is working with CryoLogyx to commercialise its technology, said: “This funding boost is testament to the company's potential and reflects the trust investors have in CryoLogyx’s vision and leadership. It’s a truly remarkable technology with the potential to significantly reduce the experimental burden on researchers and expedite the discovery of lifesaving diagnostics and therapies. I very much look forward to seeing the company continue to go from strength to strength.”

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