Frontier IP portfolio company Cambridge Raman Imaging (“CRI” or the “Company”) has raised £1.1 million through an equity funding round from existing and new investors.
The fundraising values CRI at £6.1 million post new money. Frontier IP invested £334,000 in the round and now holds a 26.8 per cent equity stake in the Company. The investment included a £95,000 loan conversion with the remainder being made in cash.
CRI will invest the proceeds to accelerate commercialisation of its high-speed Raman imaging technology and artificial intelligence (“AI”) supported diagnostics, initially for use in medical devices to diagnose and support treatment of diseases, such as cancer. In particular, the Company aims to further develop the first commercial prototype of a Raman imaging microscope, image generation, and the AI software. It has signed a collaboration agreement with Motic, a maker of medical imaging devices.
The technology uses graphene-based ultra-fast fibre lasers to generate hyperspatial digital images of patient tissue which are analysed by the AI. Because the images are digital, they remove the need for intrusive chemical staining of tissue and can be viewed remotely. This allows histopathologists to work more efficiently and to support regions and countries short of qualified staff. In the longer term, the technology has the potential to support more personalised treatments for cancer.
CRI is also involved in two important pan-European projects. CRIMSON is a 10-strong consortium developing technology to monitor diseases unfolding at a molecular level in cells and tissue in real time. This will help to deepen understanding of the cellular origin of disease and to enable the creation of new treatments. It is backed by €5 million in funding from the European Commission.
The second project, CHARM, aims to develop a medical device based on high-speed, low-cost Raman digital imaging technology and AI to transform cancer diagnosis and treatment. CRI is coordinating the project between five partners. It is supported by €3.3 million from the European Innovation Council, Europe’s flagship innovation programme to identify, develop and scale up breakthrough technologies.
In July 2020, Frontier IP announced Cambridge Raman Imaging had raised £250,000 valuing it at £1.5 million.
The technology being developed by Cambridge Raman Imaging has the potential to transform diagnosis and treatment of diseases such as cancer, and open the way for more personalised treatments too. This funding will provide the support needed to develop our prototype imaging system and the artificial intelligence to analyse the images generated.
Cambridge Raman Imaging Chief Executive Officer Dr Matteo Negro
We are very encouraged by the progress Cambridge Raman Imaging has made to date and are very much looking forward to the future development of the technology as it scales up to commercialisation, supported by this funding round.
Neil Crabb, Frontier IP Chief Executive Officer
