UK

[Funding alert] Coventry-based CryoLogyx Secures £500k in Seed Round Funding

Mar 18, 2024 | By Startup Rise EU

CryoLogyx, a University of Warwick spinout redefining cell technology through cryopreservation secures £500k in oversubscribed seed round funding.

CryoLogyx, a University of Warwick spinout redefining cell technology through cryopreservation secures £500k in oversubscribed seed round funding.

The £500k 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 commercialization of the company’s innovative cryopreserved cell technology, scale up production of its assay-ready cells and expand its reach in the UK and Europe.

Read also - Osnabrück-based NeoTaste Secures €15.1 Million in Series A Extension Funding

CryoLogyx was spun out from the University of Warwick in 2020 by CEO, Dr Tom Congdon and CSO, Prof Matt Gibson who developed a unique cryopreservation method* based on over a decade of research. The company provides assay-ready, cryopreserved cells conveniently plated in a variety of formats and optimized 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, helping researchers save up to 90% of their time on routine cell culture tasks.

CryoLogyx’s range of frozen, ready-to-use adherent cell lines offers scientists an efficient, reliable and cost-effective solution with enhanced reproducibility.

This 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 enabled scientists at the Warwick Antimicrobial Screening Service to deliver a typical four-week project in four days.

Read also - Vienna-based Necture Secures €7 Million in Series A Round Funding

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The latest funding follows earlier investment from Oxford Technology Management and private investors, alongside a £300K grant from Innovate UK in 2021. It will allow CryoLogyx to expand its team and scale production of its pioneering cell-based assays to meet increasing demand from the UK and European markets.

It will also support the company’s R&D programme, allowing it to accelerate the development and commercialization of new products and services, broadening its offering to existing and prospective customers, and opening up opportunities for global partnerships.

Dr Tom Congdon, CEO and Co-founder, CryoLogyx, 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 commercialize 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.”

About CryoLogyx

CryoLogyx is an early-stage biotechnology company, based in Coventry, UK, which is developing frozen ready-to-use cells for the medicines discovery, diagnostics and cell therapy industries.

With our exclusive technology, we are revolutionizing the freezing, storage, and transportation of cells. Our innovation ensures the delivery of viable cells and cell therapies in the preferred format, ready for use whenever our users need them.

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