The deal will see Archangel Investors, the business angel investment syndicate, providing the majority of the cash, with additional monies coming from Scottish Enterprise
Edinburgh-headquartered Arrayjet, a microarray instrumentation firm, has closed a £650,000 investment round of growth funding to expand its Arrayjet Advance in-house consultancy service, increase its global commercial resource and bring new products to market, as it develops the next phase of an ambitious global strategy.
The deal will see Archangel Investors, the prominent business angel investment syndicate, providing the majority of the funds, with additional monies coming from Scottish Enterprise.
In the past three years, Arrayjet has achieved profitability with exceptional confidence reflected in an oversubscription by investors. The original investment was pitched at £500k, but the round was capped at £650k after investors readily pledged funds against the impressive growth plans outlined by Iain McWilliam, the company’s chief executive officer.
The company continues to see a surge of demand from life sciences and pharmaceutical companies, universities, and research laboratories across the globe looking to integrate its microarray printing technology to enhance complex drug discovery programs and other biomedical research strategies.
CEO Ian 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.
“We are particularly proud of our significant contract wins in recent years – names like Novartis, Basel, Switzerland; and Capital Bio, Beijing, China as well as our consultancy service Arrayjet Advance™, which we developed to offer life science companies and research labs a dedicated microarray analytical results service, providing access to Arrayjet’s in-house scientific team and our fully automated laboratory complex”
Sarah Hardy, chief investment officer at Archangel Investors, said: “We’re proud of everything that Arrayjet has achieved.
“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 continues to work with some of the world’s highly renowned research laboratories across Europe, the US, the Far East and Australasia, validating its unique value proposition of delivering a modern microarray platform that enhances a diverse program of data-critical and bioinformatic outputs for clients.
The company has sustained three years of consistent growth, catalysed by a restructuring and reshaping of the board, bringing more commercial focus to the company under the guidance of Iain McWilliam.
As part of this, renowned serial entrepreneur and investor Alan Faichney was appointed as non-executive chairman and Martin Ramsay was appointed as non-executive finance director, joining both Iain McWilliam and Arrayjet’s chief operating Officer Kirsty Macfarlane to complete the board.
For this investment round, Arrayjet was represented by transatlantic boutique corporate law firm Rooney Nimmo (formerly Nimmo WS), with MBM Commercial representing Archangel Investors and Scottish Enterprise.