Scottish Equity Partners strengthens life sciences foothold with latest investment
Scottish Equity Partners (SEP) has announced its latest investment – furthering its focus on life sciences software with significant growth funding for a business behind a drug discovery platform.
Cambridgeshire-headquartered Cresset said the funding will be used to support its vision to be a world-leading software and services provider for accelerating the discovery and delivery of new drugs, speeding up its drive for top talent to continue broadening the science platform, and expanding operations internationally, particularly in the US.
It says its computational methods enable its customers to accelerate drug discovery workflows by predicting molecular interactions and enabling prioritisation of drug candidates. It explains that its computer-aided drug discovery products are used by research chemists globally, including eight out of the top ten pharma companies, with its software used by chemists throughout the entire drug discovery pipeline.
Cresset added that it has significantly accelerated its growth rate in recent years, with its chief executive Dr Robert Scoffin stating: “The need for new drugs is increasingly important as the world seeks to address new diseases, drug resistance, and previously untreatable illnesses. Crucial in the development of new drugs is the efficiency with which new compounds are developed effectively.
“We’re delighted to be partnering with SEP as Cresset continues to grow. They have industry-specific knowledge and experience, having been the largest investor in scientific informatics business Dotmatics. The investment will ensure computational chemists, medicinal chemists, and research managers across the world have the best tools to develop the next generation of drugs.”
Taylor Rampton, principal at SEP, commented: “Cresset offers a best-in-class software platform that enables increased automation and efficiency in the drug discovery process. The business has an excellent reputation amongst its clients for a high-science approach, product innovation, and strong ties to academia.
"Life sciences software continues to be an important area of focus for SEP, and we are excited to be partnering with another high-quality company in the space. Rob and the team have built an excellent business, and we look forward to working with them in the coming years.”
SEP, which last year said it completed a major growth equity investment in Glasgow-based fintech firm AutoRek, says it is one of Europe’s top technology growth equity firms, and is a signatory to the UNPRI, which encourages responsible investment.
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