Cambridge, 21 November 2013 ... Today, Eagle Genomics, 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 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.
About Eagle Genomics
Eagle supplies quality outsourced bioinformatics solutions. We combine cloud computing and Next Generation Sequencing (NGS) expertise with a track record in building scalable, efficient genomics analysis workflows using both commercial and open source software. Our services have added value to R&D processes and reduced time to market at many global life sciences companies including big pharma, crop science, personal hygiene and animal health.
About Angel CoFund
Launched in 2011, the Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high growth small and medium sized businesses across the UK, directly providing funding as well as encouraging the expansion of the business angel market. Backed by the new British Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund is able to make initial investments of between £100,000 to £1 million into businesses, alongside syndicates of business angels. To date the fund has supported 35 companies (for example Yplan, PlayJam and Micrima) providing over £12 million in direct investment alongside £50 million from business angels.
LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 20 years’ experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years’ investing experience through the LBA network. LBA is a founding member of the UK Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.