Diagnostics firm nets global funding injection to boost animal health

An Edinburgh-based firm behind technology enabling early disease detection for the veterinary market has secured $4 million (£3.2m) in Series A funding from investors both in Scotland – including Equity Gap and Scottish Enterprise – and around the world.

MI:RNA, which says it aims to transform animal health diagnosis and treatments among the pet, agriculture, and equine sectors, says the sum will be used to continue to grow in partnership with key multinationals in the sector as it seeks to become a leading global tech company delivering impact for people, animals, and planet.

The eight investors in the round span three continents, and comprise lead investor NovaQuest that is based in North Carolina; Kyoritsu Holdings that owns a Japanese animal health company; angel syndicate Veterinary Angel Network for Entrepreneurs (Vane) and Companion Fund I, LLC (VC) that are both based in the US; and Animal Health Angels of Derby in the UK. Existing investors adding to the Series A round are Glasgow-based Gabriel Investments, Equity Gap and Scottish Enterprise.

'The geographical spread of this investment round reflects the global opportunity for MI:RNA to deploy our platform for better outcomes for pets,' says the firm's boss Eve Hanks. Picture: contributed.

Eve Hanks, chief executive and founder of MI:RNA, which was named Business to Watch of the Year at the Women’s Enterprise Scotland Awards 2023, said: “Following on from our successful seed funding round from Gabriel Investments and Equity Gap, Series A is an important milestone in our global growth plans, as we seek to improve health outcomes for animals through earlier disease diagnosis using revolutionary biomarker technology and artificial intelligence. The geographical spread of this investment round reflects the global opportunity for MI:RNA to deploy our platform for better outcomes for pets.”

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Peter Glassman, co-founder of Vane, said: “MI:RNA is an exciting investment opportunity at the cutting edge of science and technology. Our members were impressed by the MI:RNA team, and by the market application opportunity for vet practices globally to detect and stage diseases earlier.”

Brian Axe, MD at NovaQuest Capital Management, said: “NovaQuest is extremely excited to lead the Series A with an exceptional syndicate of investors. Eve has assembled an excellent team and strong partners to help bring this disruptive and innovative diagnostic to both production and companion animals. Not only identifying disease, but understanding stage of disease and progression through cellular mechanisms is the amazing potential miRNAs hold. We believe this technology has tremendous potential.”