NEW YORK (GenomeWeb News) - Q Chip, a spin-out of Cardiff University in Wales that makes bead-based reagents for DNA testing, has landed £2 million ($4 million) in new financing from previous and new investors, one of its backers said this week.
Biofusion, an intellectual property commercialization company that has agreements with Cardiff University and the University of Sheffield, said that it invested £125,000 in the funding round, raising its stake in Q Chip to 10 percent.
Other previous investors who backed Q Chip in this round included E-Synergy’s Early Growth Fund and John Moulton, managing partner of Alchemy Partners.
New investors include Forum des Entrepreneurs, an angel investor group based in Geneva; the Sustainable Technology Fund, based in London; and Finance Wales.
Earlier this year, Q Chip launched ReaX, a bead-based reagent kit for PCR sample prep. According to Biofusion, ReaX eliminates handling errors in PCR analysis and can reduce the time required for PCR set-up by up to 90 percent.