Owlstone Medical announces $27 Million USD first close in Series E financing round

• Led by Ventura Capital and joined by other investors including Aviva Ventures, the Gates Foundation and Horizons Ventures 
• Funding will be used to accelerate commercialization and further clinical trials of Breath Biopsy diagnostic tests and point of care devices for lung cancer, liver disease, and digestive disease

Cambridge, UK, January 15, 2025: Owlstone Medical, the global leader in Breath Biopsy^® for applications in early disease detection and precision medicine, announces a first closing of $27 million (circa £22 million) in its Series E financing round. The fundraise was led by Ventura Capital, joined by Aviva Ventures, Horizons Ventures, and other existing investors. The close also saw completion of the investment from the Gates Foundation¹.   

The funds will be used to support the ongoing development of Owlstone’s proprietary Breath Biopsy^® platform and the development and commercialization of novel diagnostic tests and point of care devices. 

These include in-human clinical trials currently underway for a screening test for the early-stage detection of lung cancer², the most common cancer killer in the world responsible for 1.8 million deaths each year³; further development and launch of the LIBRA^® test⁴ for the primary care and at-home diagnosis of chronic liver diseases, which account for over 2 million deaths worldwide annually⁵; and commercialization of the OMED Health^® Breath Analyzer⁶, a hand-held, low-cost medical device for the diagnosis and monitoring of digestive diseases that affect 1 billion people globally⁷.

Mo El Husseiny, Founder and Managing Partner at Ventura Capital, commented: “The enormous potential of breath-based diagnostics is becoming clearer every day, with Owlstone as the main driver of progress in the space. Our initial thesis has been confirmed through Owlstone’s recent partnerships with the U.S. Department of Defence⁸, the Gates Foundation, and the FDA⁹. We are pleased to support their ongoing development of Breath Biopsy, which has been proven by the first products approved in market in the US and UK.”

Tom Grant, Head of Venture Investments at Aviva Investors, said: “Owlstone has made tremendous progress since their last fundraise. This includes their proprietary Breath Biopsy platform and VOC Atlas^® database¹⁰, and in developing diagnostic solutions in high need clinical areas with products now reaching the market. Aviva Ventures has been an early investor in the business, and we remain confident in Owlstone and its future impact on healthcare.”

Billy Boyle, co-founder and CEO at Owlstone Medical, added: “Testament to the power of Breath Biopsy is the continued strong support we continue to enjoy from our investors. The funds closed will enable us to progress our business to the next stage, advancing clinical trials and supporting the launch and commercialization of our pipeline of unique breath tests.”

1. https://www.owlstonemedical.com/about/news/2024/apr/25/owlstonemedical-gatesfoundation/
2. https://www.owlstonemedical.com/breath-biopsy-tests/evolution/
3. https://www.who.int/news-room/fact-sheets/detail/cancer
4. https://www.owlstonemedical.com/libra-liverbreathanalysis/
5. https://www.journal-of-hepatology.eu/action/showPdf?pii=S0168-8278%2823%2900194-0
6. https://omedhealth.com/omed-health-breath-analyzer/
7. https://gutscharity.org.uk/advice-and-information/conditions/irritable-bowel-syndrome/
8. https://www.owlstonemedical.com/about/news/2023/mar/17/oml-wins-diu-contract/
9. https://www.owlstonemedical.com/about/news/2024/sep/30/owlstone-fda-research-collaboration-agreement-vocatlas/
10. https://www.owlstonemedical.com/science-technology/breath-biopsy-voc-atlas/