• Text size      
  • Send this article to a friend
  • Print this article

Angel reveals second round of funding

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.

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.

Contextual targeting label: 

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.