Eagle Genomics, a Cambridge, UK-based provider of bioinformatics software and services covering life science and other sectors,had successfully raised an additional USD 1.6 million in funding. The round was led by members of the London Business Angels, with further support from Angel CoFund and first round investor Jonathan Milner (chief executive officer of Abcam). With this in mind, the total raised by EagleGenomics has already reached GBP1 million.
The company announced that it intends to use the funds to further pursue expansion and develop new bioinformatics products, as well as its consulting business by pushing onwards into non-traditional areas for bioinformatics such as consumer goods, food safety and animal health.
Eagle uses advanced computing to answer complex biological problems from fighting cancer to even breeding better crops. Its ElasticAP is a Software-as-a-Service (SaaS) subscription platform that enables customers to analyze complex genetic data through the cloud. It also has over 30 clients worldwide from the large pharmaceutical, biotechnology, crop science, bio-fuels, personal hygiene and even animal health sectors.
"With the fundraising now secured, we can really begin to make progress in achieving our commercial goals. We have already begun our expansion, and the development of ElasticAP relationship is underway - all while we continue to grow the consulting side of the business." David Flanders, Eagle's CEO, said in a statement.
The company announced this week that it planned to double the size of its team by adding more staff with experience in bioinformatics and software development, and also to enable the company to meet the demands of developing ElasticAP and better support its client base.
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