UK health tech company Tagomics has raised £6.7m in funding as it looks to ramp up its research efforts and develop its platform which diagnoses and treats diseases, including cancer.
The funding round, led by Calculus Capital, will enable Tagomics to discover new signs of cancer and advance drug development and therapy selection for patients.
Other investors include Illumina Ventures, IQ Capital, Agilent Ventures, Mercia Ventures and the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Ventures and is part of the Midlands Engine Investment Fund (MEIF).
It follows a £1.6m pre-seed round led by IQ Capital and Start Codon along with grant funding from Innovate UK.
Elizabeth Klein, investment director at Calculus, said: “We are delighted to support Tagomics as the company embarks on its next phase of expansion.
“We were attracted to the company not only for its novel science, but its exceptional management team led by CEO Dr Jack Kennefick, an inventor on 3 of the company’s patents and recipient of the prestigious Royal Society of Edinburgh’s Enterprise Fellowship.”
Calculus targets high growth, UK-based private companies across what it sees as the fastest growing sectors in the UK: technology, healthcare and entertainment.
Tagomics launched in July 2020 as a spin-out from the University of Birmingham.
Chief executive and co-founder of the startup, Dr. Jack Kennefick, said the funding will help the company to deliver “simpler and more accurate” ways of diagnosing and treating patients.
“We’re pleased to welcome such an experienced group of investors on board to help us accelerate the development of our platform and support our efforts in expanding the capabilities of genomic medicine,” he said.