Desktop Genetics Opens £1.5 Million Investment Round via SyndicateRoom
News Oct 05, 2017
Desktop Genetics Ltd (DTG) and online investment platformSyndicateRoom today announce the opening of a £1.5 million investment round. DTG plans to use the funds to commercialise products and support its expansion into the US.
DTG uses artificial intelligence (AI) to enable scientists and researchers to capitalise on genome engineering technology. Since its launch in 2012, the company has developed an industry-leading software platform to design and manufacture CRISPR1 genome editing reagents, and has developed and refined products which are now ready for launch.
The genome engineering market is estimated to be worth approximately $2.84 billion globally, and set to grow to more than $6 billion by 2021, by which time it is estimated that between 60,000 and 100,000 labs will be using CRISPR technology. Despite this, over half of all new medicines in development today are likely to never reach patients, often because they are based on flawed science. DTG believes that the advances in both AI and CRISPR can together help solve this problem by enabling higher confidence in preclinical development programmes.
“Desktop Genetics has proven its ability to deliver value to customers, and has established a strong pipeline, with key research milestones hit since the 2015 investment round. This funding round provides a great opportunity as we gear up for further growth, resourcing future initiatives, hiring new team members and launching fresh products,” commented Riley Doyle, CEO, DTG. “We’re excited to open up this opportunity and welcome investors to join us on our path to success. With its extensive experience in the biotech space, SyndicateRoom is the ideal partner to connect us to those investors.”
Jonathan Milner, lead investor in Desktop Genetics, and Co-Founder and Deputy Chairman of Abcam plc, said: “Desktop Genetics’ management team has established a lucrative niche in the industry, which has seen the company make a real impact for researchers working with CRISPR technology. I am pleased to be leading this next round of investment and look forward to helping guide the next stage of the company’s growth.”
Desktop Genetics’ use of AI in customising CRISPR Libraries is enabling more efficient drug discovery, genomics and cell therapy – which is a massive step towards the reality of genomic medicine,”commented Tom Britton, CTO and Co-founder, SyndicateRoom. “We’re pleased to welcome the Desktop Genetics team to the SyndicateRoom platform as yet another young British business doing great things in a bid to make the world a better place.”