CryoLogyx, a University of Warwick spinout, has closed its oversubscribed seed funding round. The £500k GBP investment came from private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), including previous investors Oxford Technology Management.
- Purpose of Funding: The funding will support the commercialization of CryoLogyx’s cryopreserved cell technology. It will be used to scale up production of assay-ready cells and expand the company’s reach in the UK and Europe.
- Company Background: CryoLogyx was spun out from the University of Warwick in 2020 by CEO Dr. Tom Congdon and CSO Prof. Matt Gibson. The company developed a unique cryopreservation method, based on over a decade of research.
- Technology Overview: CryoLogyx provides assay-ready, cryopreserved cells plated in various formats and optimized for in vitro research. Their proprietary macromolecule cryoprotectant technology, Cryoshield™, reduces post-thaw damage, allowing viable cells to be used from the freezer in less than 24 hours. This technology can save researchers up to 90% of their time on routine cell culture tasks.
- Future Plans: The funding will allow CryoLogyx to expand its team and scale production of its cell-based assays to meet increasing demand from the UK and European markets. It will support the company’s R&D program, accelerating the development and commercialization of new products and services.
CryoLogyx aims to broaden its offering to existing and prospective customers and open up opportunities for global partnerships. Dr. Tim Hart, Director of Warwick Innovations, expressed confidence in CryoLogyx’s potential and its technology’s ability to reduce the experimental burden on researchers. He looks forward to seeing the company continue to grow.
