Frontier IP Group Plc (LON:FIPP), the intellectual property commercialisation specialist, said that its portfolio company Molendotech Limited has completed a first fundraising.
The AIM-listed company said Molendotech had received a commitment totalling £0.5mln which will be invested in three tranches, with Frontier IP to hold approximately 14% of the issued share capital of Molendotech following the investment of the third tranche.
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Molendotech is developing a novel test designed to rapidly identify the concentration of faecal bacteria in water, enabling more informed decision-making on the use of water and the ability to identify and track pollution sources.
The capital has been raised to support the development of further water testing products, initial sales and its expansion into new markets.
The portfolio company recently entered into a collaboration agreement with Palintest Limited, a subsidiary of FTSE 100-listed company Halma PLC (LON:HLMA), for the development and licensing of water testing products.
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Neil Crabb, chief executive of Frontier IP, said: "We are delighted that Molendotech has attracted significant backing so soon after its formation. This funding is a clear demonstration of confidence in both the technology and the stature of the partners it is able to bring in."