finance

Angels syndicate pumps £1.9 million into companies in lockdown



Edinburgh-based investment syndicate Archangels has investment £1.9 million in Scottish companies during lockdown. 

The business angels group’s follow-on support led a total of £3.3 million of investment in portfolio companies Calcivis, BDD and Reactec. The other £1.4 million came from the Scottish Investment Bank, part of Scottish Enterprise, and from the firms’ own staff and management teams.

These were all planned growth capital rounds aimed at supporting product innovation, capital expenditure and commercialisation of the companies’ products.

Dr Sarah Hardy, head of new investments at Archangels, said: “We recognise that many of the solutions to the challenges we are all currently facing will come from the community of innovative tech and life sciences companies that it has long been Archangels’ mission to support.

“These entrepreneurs and innovators are carrying out important work, some of it directly related to the effects of the Covid-19 pandemic, and we are proud to stand shoulder to shoulder alongside them.”

Archangels-led investments in Scottish tech and life sciences companies during 2020 now total £9.5 million.

Edinburgh Bioquarter-based Calcivis has developed a novel imaging technology that enables clinicians to visualise active dental decay early, so patients can be treated before the need for drilling and filling.In March, Calcivis received an Approvable Letter for the Pre-Market Approval of its imaging system from the US Food and Drug Administration (FDA).

Glasgow-based Bio-Images Drug Delivery (BDD)provides bespoke oral drug delivery solutions to pharmaceutical companies. Its time-controlled release platform OralogiK and its accelerated approach to clinical trials enable rapid proof of concept.

Edinburgh-based Reactec has developed monitoring technologies to help protect employees from harmful exposure to vibration. It recently launched its Safe-Distance digital device to aid social distancing among workers returning to work.



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