Cambridge-based biotech company BACTEST Ltd has closed a £900k funding round led by the Low Carbon Innovation Fund (LCIF), managed by Turquoise International, which invested £300k in BACTEST.The round was completed by existing investors and a syndicate of business angels across the UK; it included investments from angel groups including Minerva (Warwick), London Business Angels, Finance East and a number of high net worth individuals.
Bactest is developing groundbreaking technology to improve the efficiency of wastewater management.
UK Trade & Investment is helping Bactest identify global markets for the technology. And the company has formed a partnership with Anglian Water to develop and test a platform technology known as CYTOMAIA, to monitor microbial activity.
CEO Annie Brooking said: “It would not have been possible to close this funding round in this difficult financial climate if BACTEST did not offer a unique investment opportunity that is large, global and homogeneous.”
The funding will be used to bring to market the company’s in-situ and mobile products that monitor and manage bacterial activity in waste water and other applications that include general laboratory and rapid release of inventory.
As Business Weekly reported in March 2011, Derek Price, chief operating officer of Bactest, got in touch with UKTI to help promote the technology globally.
He said: “We originally developed the microbial monitoring technology for medical applications but were very aware that the system could easily be adapted to other sectors, such as wastewater management, where there is a real gap in the market and therefore great demand.
“Traditionally, maintenance of biological activity in wastewater is a very expensive process and uses a lot of energy, so better control will lead to large amounts of energy savings and a corresponding reduction in the carbon footprint of the process.”