CryoLogyx Completes £500k Seed Funding Round
Summary
The funding will be used to support commercialization of the companys innovative cryopreserved cell technology, scale up production of its assay-ready cells and expand its reach in the UK and Europe.CryoLogyx was spun out from the University of Warwick in 2020 by CEO, Dr Tom Congdon and CSO, Prof Matt Gibson who developed a unique cryopreservation method* based on over a decade of research. CryoLogyxs range of frozen, ready-to-use adherent cell lines offers scientists an efficient, reliable and cost-effective solution with enhanced reproducibility. This could help to support the development of new screening technologies and automation in drug discovery, as well as potential future diagnostic and cell therapy applications. Most recently, the ready-to-use cells enabled scientists at the Warwick Antimicrobial Screening Service to deliver a typical four-week project in four days.The latest funding follows earlier investment from Oxford Technology Management and private investors, alongside a \xa3300K grant from Innovate UK in 2021. It will allow CryoLogyx to expand its team and scale production of its pioneering cell-based assays to meet increasing demand from the UK and European markets.