Frontier IP Group PLC (AIM:FIPP) has set up portfolio company Cambridge Raman Imaging with a £0.6 million loan facility to fund its short-term working capital requirements.
An initial £0.2m has been drawn down by CRI from the facility, Frontier IP said in a statement.
CRI, a spin-out from the University of Cambridge and the Politecnico di Milano in Italy, combines its laser technology with advanced microscopy for clinical diagnosis and biotech research.
The technology, which was launched earlier this year, enables label-free discovery of morphology and chemical composition
Revenues to date are trending ahead of CRI's management expectations, FrontierIP added, with growth being accelerated by this working capital facility in advance of a planned equity round in the coming months.
Frontier IP holds a 26.81% equity stake in CRI, which lost £422,000 in 2023.