CryoLogyx, a University of Warwick spinout aiming to redefine cell technology through cryopreservation, has announced the close of its oversubscribed seed funding round. The 500,000 GBP investment came from private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), which includes previous investors Oxford Technology Management.
The funding will be used to support commercialisation of the company’s cryopreserved cell technology, scale up production of its assay-ready cells and expand its reach in the UK and Europe.
CryoLogyx was spun out from the University of Warwick in 2020 by CEO Dr Tom Congdon, and the CSO Professor Matt Gibson who developed a cryopreservation method based on over a decade of research.
The company provides assay-ready, cryopreserved cells conveniently 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 form the freezer in less than 24 hours, helping researchers save up to 90% of their time on routine cell culture tasks.
CryoLogyx says that its solution could help to support the development of new screening technologies and automation in drug discovery, as well as potential future diagnostic and cell therapy applications. Most recently, the ready-to-use cells enables scientists at the Warwick Antimicrobial Screening Service to deliver a typical four-week project in four days.
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The latest funding follows earlier investment from Oxford Technology Management and private investors, alongside a 300,000 GBP grant from Innovate UK in 2021. It will allow CryoLogyx to expand its team and scale production of its cell-based assays, as well as supporting the company’s R&D programme, allowing it to accelerate the development and commercialisation of new products and services.
“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,” said Dr Tom Congdon, CEO and Co-Founder of Cryologyx.
Dr Tim Hart, Director at Warwick Innovations, who is working with the company 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.”