Frontier IP Group - Portfolio news – Molendotech raises £425,000
Portfolio news - Molendotech raises
The proceeds from the equity funding round will be used by Molendotech to accelerate development and expand the applications of the Company's novel rapid testing technology for bacteria, which has attracted strong interest internationally from potential customers concerned about secondary infections as they tackle the COVID-19 outbreak.
The Company has also developed a novel method to detect specific pathogenic bacteria. This investment will enable further development of this technology in new markets including the food industry. The Company is collaborating with one of
The fundraising, supported by new and existing private investors, means the
Molendotech statement is set out in full below:
The fundraising values the Company at
Molendotech's technology cuts the time it takes to test for faecal bacteria in water from up to two days to under an hour, with the Palintest SirenBW kit taking as little as 15 minutes. This technology can be used in real time and on site, removing the need for samples to be sent to a laboratory.
The Company, a
Molendotech is collaborating with one of
The technology has also received strong interest internationally from potential customers concerned about the risk of secondary infections resulting from the COVID-19 outbreak.
The new funding will ensure Molendotech can step up development of its technology and take advantage of opportunities as they arise. Investment has come from new and existing private investors.
The Company was incorporated in 2017 to develop and commercialise the work of Professor
Molendotech Chief Executive Officer Professor
"Our new technology will allow detection of specific bacterial pathogens within hours, much faster than conventional culture assays. This investment will allow us to further develop our technology for use in new markets. In particular, it will help to support and expand our work with large food producers to rapidly assess food safety and enhance food supply to retailers."
Molendotech Business Development Director,
Molendotech statement ends.
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Company website: www.frontierip.co.uk
T: 0207 332 2338
M: 07464 546 025
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T: 0203 328 5656
Rui Andres, Director of Business Development
M: 07384 469486
M: 07462 034756
Company website: www.molendotech.com
ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.
The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.
ABOUT THE UNIVERSITY OF PLYMOUTH
With a mission to Advance Knowledge and Transform Lives, Plymouth is a *top 50 research university with clusters of world class research across a wide range of disciplines including marine science and engineering, medicine, robotics and psychology. A three-time winner of the Queen's Anniversary Prize for Higher and Further Education, the
It has a strong track record for teaching and learning excellence and has one of the highest numbers of National Teaching Fellows of any UK university. With over 19,000 students, and a further 9,500 studying for a Plymouth degree at partner institutions in the UK and around the world, and over 130,000 alumni pursuing their chosen careers globally, it has a growing global presence.
* Research Fortnight Research Power
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