The round was completed by existing investors and a syndicate of business angels that included investments from Angel groups including Minerva (Warwick), London Business Angels, Finance East and a number of high net worth individuals.
“It would not have been possible to close this funding round in this difficult financial climate if BACTEST did not offer a unique investment opportunity that is large, global and homogeneous” said Prof. Annie Brooking BACTECT CEO.
The funding will be used to bring to market the company’s in-situ and mobile products that monitor and manage bacterial activity in waste water and other applications that include general laboratory and rapid release of inventory.
Laura Chellis, LCIF project co-ordinator, said: “BACTEST’s technology offers great potential for allowing water companies to precisely control the aeration of wastewater and reduce both energy consumption and carbon emissions. The LCIF investment has been specifically targeted to allow BACTEST to bring to market a range of products addressing these needs.”
Thursday, January 26 2012
About BACTEST Ltd.
BACTEST is a Cambridge, UK based company that has developed a technology platform CYTOMAIA, a bacterial respirometer which is used to incubate bacteria and detect and measure biological activity and contamination in liquid, suitable for use in labs, bottling lines (rapid release), water and waste water. BACTEST is deploying CYTOMAIA in portable and in-situ devices that remove the need to send samples to a lab to be tested by technicians.
About the LCIF
The Low Carbon Innovation Fund (LCIF) is a University of East Anglia fund managed by Turquoise International. It is funded by the European Regional Development Fund (ERDF) East of England Competitiveness Programme, which is investing £100m towards low carbon economic growth until 2013. LCIF is part of the government’s Solutions for Business portfolio of business support products. It is a venture capital fund making equity investments alongside other investors or funds. Investments can be made in eligible small to medium sized businesses (SMEs) in the East of England.
*******
Contacts
BACTEST: Prof Annie Brooking on 07770 695242 or email a.brooking@bactest.com
LCIF: Simon Dunford at the UEA Communications Office: +44 (0)1603 592203 or email s.dunford@uea.ac.uk.