Carcinotech, which is based at the Roslin Innovation Centre on the outskirts of the capital, already has partnerships in place with industry organisations such as Cancer Research UK, global pharma groups and a major US-based clinical research organisation.
It plans to extend its commercial partnerships in Europe and North America over the next 12 months.
The medical technology specialist, which manufactures 3D printed tumours developed from cancer stem cells, primary cells, and established cell lines, has secured the seven-figure investment from top Scotland-based investors.
TriCapital led the investment round, succeeding initial seed round leader Gabriel Investments, alongside Eos Advisory, SIS Ventures, Gabriel, Alba Equity and Scottish Enterprise.
Ishani Malhotra, founder and chief executive of Carcinotech, said: “Our next phase of growth will involve building international partnerships, growing the team, and appointing a scientific advisory committee to support the work of the main board.
“Carcinotech’s in-vitro models are very close to clinical biopsy samples because we use patient-specific cells and isolated cells from biopsies, which allow us to develop models representing cancer heterogeneity.”
Moray Martin, chairman and managing partner of the TriCapital Syndicate LLP, said: “Carcinotech is one of the most exciting early-stage companies to come out of the Scottish life sciences sector in recent times. We can already see traction and momentum, and look forward to actively supporting Ishani and her team as they continue to scale.”
Ana Stewart, partner, Eos Advisory, said: “Ishani and her team have developed pioneering oncology biotechnology with the potential to make a significant impact in discovery, screening, and pre-clinical testing. It is exactly the kind of high impact company that Eos aims to support.”
Siobhan Moore, Investment Manager, SIS Ventures, said: “Carcinotech is a truly innovative company whose mission is to provide accessible, personalised medicine testing to individuals suffering from cancer, ultimately improving their chance of survival.
“Based in Scotland but with global ambitions, Carcinotech aligns perfectly with our aim of supporting disruptive businesses with high growth and impact potential. We look forward to working with Ishani and her team through this next stage of the journey, alongside our co-investors.”
Anderson Strathern and Thorntons acted for the investors on the investment round, while MBM Commercial acted for Carcinotech.
Albert Nicholl, chairman of Carcinotech, added: “Scotland has a world renowned track record in oncology R&D [research and development], and it’s great to see Carcinotech making an impression in international markets.
“Ishani and her team are now positioned to step up activity in Europe and North America, and it’s great for the company to be doing that with such a supportive group of investors.”
Last week it emerged that SIS Ventures had secured £1m in backing for its pioneering fund from Chroma Ventures, the investment vehicle created by two of Scotland’s best-known technology entrepreneurs.
SIS Ventures’ Impact First launched its second round of fundraising in February this year with the aim of attracting up to £5m to scale up its “mission-led investment” in high impact, early-stage businesses.