The firm closed an investment round of growth funding capped at £650,000, having been increased from £500,000 on investor enthusiasm amid “impressive” growth plans laid out by chief executive Iain McWilliam.
Arrayjet said the majority of the funding is coming from business angel syndicate Archangel Investors, with Scottish Enterprise also making a contribution.
The total amount is to grow the company’s Arrayjet Advance in-house consultancy service, which offers the likes of a dedicated microarray analytical results service. It will also boost its global commercial resource and bring new products to market as the firm progresses the next stage of “an ambitious global strategy”.
McWilliam said: “As demonstrated by our remarkable growth, Arrayjet is forging a strong path in the development and delivery of microarray technology for the global life sciences industry.
“This latest round of investment from Archangel Investors and Scottish Enterprise will help Arrayjet capitalise on the global market demand for our technology, and accelerate the company’s pace of product innovation.”
Sarah Hardy, chief investment officer at Archangel Investors, said: “At Archangels, we recognise the need for follow-on investment to enable companies to grow, and there was a strong appetite to invest further in Arrayjet and provide the business with the support it needs to embark on the next stage in its development.”
Arrayjet highlighted “significant” contract wins, having in June announced a deal worth about £300,000 with a flagship biomedical research facility in Australia.
Other recent contract wins include a £350,000 order from Chinese life sciences company CapitalBio that makes detection kits for conditions such as infant deafness and Down’s syndrome.
Arrayjet added that it has maintained three years of consistent growth, “catalysed by a restructuring and reshaping of the board”, having appointed serial entrepreneur and investor Alan Faichney non-executive chairman and Martin Ramsay non-executive finance director, joining McWilliam and the chief operating officer Kirsty Macfarlane.