ANGEL syndicate Gabriel has revealed its second slate of investments after less than a year in operation.
Headed by Gill MacAulay, from Strathclyde University Incubator, Gabriel typically invests £20,000 into pre-revenue and start-up businesses and tries to attract match funding from public sector bodies.
Following a recent pitching session, Strathclyde University biotech-nology spinout Biogelx and Livingston-based wireless technology firm Cosneta emerged with a financial injection.
Loading article content
Biogelx says its synthetic peptide gels have a range of uses including toxicity screening and cancer cell research.
Dr David Lightbody, chief executive of Biogelx, said the company had secured £160,000 in funding after also receiving backing from SMART Scotland and Scottish Enterprise.
He said: "The use of bio-inspired materials across a range of applications will fundamentally change the way products are designed and developed.
"The launch of the Biogelx business provides a major opportunity to improve the way toxicology testing and drug development is carried out, through the use of patient-specific, cell-based bench-top systems instead of animals.
"As a result, we have already secured supply arrangements with key customers, which we will support from our new laboratory in the recently opened bioscience facility at BioCity, Newhouse."
Cosneta has developed a wireless hand-held device – called the FreeRunner – that can turn any computer-connected display into an interactive whiteboard.
Ross McLean, managing director, said: "This investment is the first stage in completing a £300,000 funding package, which will take Cosneta to market. Gabriel also brings a wealth of experience and support that will accelerate our growth and help us to bring the personal interactive whiteboard to the mass market".
Ms MacAulay said: "Both businesses have unique technology that has commercial potential to fill a gap in the market."
Along with the financial investment, Gabriel assigns a mentor to each company it invests in. The Strathclyde University Incubator provides a virtual office and book keeping services. Gabriel hopes to agree another deal soon.