Eagle Genomics completes first fundraising £1m



  • Med Tech Newswire

The expert provider of bioinformatics software and services across a wide range of life science and other sectors, has announced the final closing of a £1 million fundraising, as it continues to expand and develop new bioinformatics products. Eagle uses advanced computing to answer complex biological problems, from fighting cancer to breeding better crops.

  • This second round was led by members of London Business Angels, with further support from the Angel CoFund and first round investor, Jonathan Milner (CEO of Abcam) is addition to the £590k invested in September and brings the total raised to £1 million.
  • This has been the first time Eagle has taken investment, following five years' of profitable growth, and the money will be used to expand Eagle's current offering - including the development of ElasticAP, a SaaS (Software-as-a-Service) subscription platform, that enables customers to analyse complex genetic data through the Cloud using Eagle's expertise. The company also plans to expand its consulting business by pushing further into non-traditional areas for bioinformatics such as consumer goods, food safety and animal health.
  • To meet the growing demands of developing ElasticAP, and support the growing client base, Eagle is doubling the size of its team. The new hires will build capacity in both bioinformatics and software development.

David Flanders, CEO of Eagle said: "With the fundraising now secured, we can really begin to make progress in achieving our commercial goals. We have already begun our expansion, and the development of ElasticAP relationship is underway – all while we continue to grow the consulting side of the business."

  • George Whitehead, Chairman, Angel CoFund, said: "Eagle has been a profitable business for a number of years, but needed this cash injection to get the business to the next stage. This is exactly what the Angel CoFund is all about – identifying high growth UK tech businesses and making sure they receive the right levels of funding to have a real impact."

Anthony Clarke, London Business Angels CEO, comments: "Following completion of its £1m funding round, Eagle Genomics is now well placed to exploit its high growth potential in the exciting bio-informatics market. I am delighted that a syndicate of LBA investors led by one of our Angel Investors, including our EIS Roundtable Syndicate Fund 2013, has been able to contribute circa £200k to this funding round alongside the Angel CoFund with many of these investors being sector experts who will able to add real value to the company going forwards."

  • Eagle has over 30 customers worldwide from the large pharmaceutical, biotechnology, crop science, bio-fuels, personal hygiene, and animal health sectors.