Eagle doubling headcount with £1m funding
Eagle Genomics, the Cambridge UK bioinformatics technology business, has completed a £1 million funding round to expand its product line and develop new ones.
It will also double the size of its team in bioinformatics and software to 24 to leverage fresh opportunities across several markets and territories.
Eagle, which is based at Babraham Research Campus uses advanced computing to answer complex biological problems for the life science and other research sectors globally – from fighting cancer to breeding better crops.
The second round was led by members of London Business Angels, with further support from the Angel CoFund and first round investor, Jonathan Milner – CEO of Abcam; it is in addition to the £590k invested in September and brings the total raised to the £1m mark.
This has been the first time Eagle has taken investment, following five years’ of profitable growth.
The expansion strategy includes the development of ElasticAP, a SaaS (Software-as-a-Service) subscription platform, that enables customers to analyse complex genetic data through the Cloud using Eagle’s expertise.
The company also plans to expand its consulting business by pushing further into non-traditional areas for bioinformatics such as consumer goods, food safety and animal health.
To meet the growing demands of developing ElasticAP and support the growing client base, Eagle is doubling the size of its team. The new hires will build capacity in both bioinformatics and software development.
David Flanders, CEO of Eagle said: “With the fundraising now secured, we can really begin to make progress in achieving our commercial goals. We have already begun our expansion and the development of ElasticAP relationship is underway – all the while we continue to grow the consulting side of the business.”
Eagle has over 30 customers worldwide from the large pharmaceutical, biotechnology, crop science, bio-fuels, personal hygiene, and animal health sectors.
• PHOTOGRAPH SHOWS: David Flanders