GLASGOW-based digital chemistry pioneer DeepMatter grew revenues by around 150 per cent in the first half as interest in its technology increased.
The company’s DigitalGlassware product can allow chemists to record information about experiments online for sharing with others.
DeepMatter recorded £0.54 million sales in the six months to June 30, compared with £0.22m in the same period last year.
Losses fell to £1.17m, from £1.62m.
READ MORE: Cancer specialists highlight potential of digital chemistry firm's technology
Chief executive Mark Warne noted the growth reflected steady use of DigitalGlassware among existing customers and the company’s success in winning new clients. He reckons the challenges posed by the Covid 19 coronavirus for organisations operating laboratories has underlined the value of the technology.
“In a world where laboratories are required to be digital, to allow chemists to work in a socially distanced environment resulting from the Covid 19 pandemic, the requirement for DigitalGlassware has accelerated,” he said.
The company concluded agreements with a range of organisations that see potential in its technology in the first half. The agreements have increased confidence in DeepMatter’s growth prospects.
In April the Cancer Research UK Beatson Institute in Glasgow awarded DeepMatter a contract to supply DigitalGlassware for use in the drug discovery process.
READ MORE: Technology pioneer highlights quality of staff available in Glasgow
The universities of Nottingham and Leeds decided to use DigitalGlassware, in teaching work and in support of the development of a robotic laboratory respectively.
Deepmatter raised the prospect that big pharmaceuticals firms that have been assessing Digital Glassware could make increased use of the platform.
It said expansion of scope of DigitalGlassware deployments with top 10 pharma partners is under exploration. Top 10 pharma partners include AstaZeneca and Novartis.
Aim market-listed Deepmatter raised £2.05m, net of expenses, from investors in July. The funding will support increased sales and marketing activity.
The University of Glasgow spin out employs 15 people in the city.
It was founded by Lee Cronin, who is Regius Professor of Chemistry at the university.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here