The investment firm said, following the fundraising, Molendotech is now worth £3.9mln, valuing Frontier IP’s own 12.6% stake in the firm at around £493,000. Before the funding round, Frontier IP held a 14.1% stake valued at £324,000.
Frontier IP said Molendotech’s testing technology has attracted “strong interest internationally” from potential customers concerned about secondary infections during the coronavirus pandemic.
"Molendotech has already made strong progress, with its technology now being commercialised by a subsidiary of major multinational hazard detection group Halma”, Frontier IP chief executive Neil Crabb said in a statement.
“The [coronavirus] outbreak and the heightened need for testing of all kinds has increased interest in the company's technology. This fundraising ensures it is well placed to accelerate development of its technology and to explore opportunities as they arise", he added.
Frontier's shares rose 1.5% to 66.5p in early trading on Friday.
--Adds share price--