NEW YORK (GenomeWeb News) – Eagle Genomics, UK-based bioinformatics software and services provider, has closed a round of fundraising, during which it raised £590,000 ($917,000) of a planned £1million investment round that will be used to expand its offerings.
This round was led by Midven's Rainbow Seed Fund together with angel investments from Abcam CEO Jonathan Milner, Cambridge Angels, London Business Angels, Cambridge Capital Group, and other undisclosed participants.
The company will use the funds to expand its current offerings, including further development of ElasticAP, its software-as-a-service subscription platform, which will provide customers with cloud-based tools for analyzing data. The company also plans to expand its consulting business into markets such as consumer goods, food safety, and animal health.
This is Eagle's first fundraising after five years' of profitable growth, it said. A second closing is planned within three months' time with the aim of completing the £1m total investment. David Flanders, Eagle's CEO, said in a statement that the company is currently in "active conversation with several interested parties, which gives confidence in reaching our full target."
He described the fundraising as "crucial" to Eagle's future development. "The company has made remarkable progress in the five years since founding and this investment will help in transforming Eagle into a major player in bioinformatics services," he said.