Iceni Diagnostics, a Norwich tech company claims to provide COVID-19 rapid test results in just 15 minutes. This UK-based startup is in the headlines recently and has been backed with a total £2M investment.
Fresh investment
The company secured £1.3M seed capital from 35 angel and local enterprise investors, which takes the total confirmed commitment to £2M in 2021. The investment comes from public sector co-investment fund New Anglia Capital and members of Anglia Capital Group. Iceni Diagnostics will use the funds to build out commercial infrastructure as well as expand its senior team.
Co-founder Prof Rob Field said, “The investment we have secured will enable us to attract new talent to the team at Iceni and maximise the significant opportunities we have in our pipeline.”
Director of Anglia Capital Group Andrea Finegan said: “This was an opportunity to invest in a company with real potential to grow and to make an impact on therapeutics and diagnostics for a series of infectious diseases.”
Rapid COVID-19 test
The company expects to get accurate results from trials of rapid COVID-19 lateral flow test, which works with the throat and nose swabs or saliva. It is quite similar to a pregnancy test and identifies sugar molecules called glycans that the virus requires to hook on to when it infects cells.
Given that each virus has a different glycan or way or method of obtaining it, they can be identified. In addition to detecting COVID-19, the Iceni Diagnostic test can also test for influenza with similar symptoms.
Unique potential!
Iceni Diagnostics is in discussion with public sector and commercial buyers in the US and the UK. It was formed to develop carbohydrate-based therapeutics as well as point-of-care diagnostics for a slew of infectious diseases.
“There’s a vast, global potential in the application of our unique technology,” said co-founder Prof Rob Field. “We are using it to tackle COVID now, but it will also produce better vaccines and new diagnostic and therapeutic products in the future.
“The investment we have secured will enable us to attract new talent to the team at Iceni and maximise the significant opportunities we have in our pipeline.”
Investors include public sector co-investment fund New Anglia Capital and members of Anglia Capital Group.
Director of Anglia Capital Group Andrea Finegan said: “This was an opportunity to invest in a company with real potential to grow and to make an impact on therapeutics and diagnostics for a series of infectious diseases.”
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