Molendotech has raised £425,000 to accelerate development of its innovative rapid pathogen detection technology through an equity funding round.
The fundraising values the Company at £3.9 million, up from its previous valuation of £2.3 million, reflecting the success it has achieved in commercialising its patented technology. Palintest, a subsidiary of FTSE 100 life protection and hazard detection group Halma plc, is already selling SirenBW, , a testing kit based on the technology to detect faecal bacteria in bathing water.
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 University of Plymouth spin out, has also recently developed a novel method to detect specific pathogenic bacteria. The current investment will enable further development of this technology in new markets including the food industry.
Molendotech is collaborating with one of Europe’s leading fresh produce companies G’s Group, a supplier to Asda, Sainsbury’s, Tesco and many other major retailers, on tests to detect the levels of different bacteria in fresh produce, irrigation water, wash water and food contact areas.
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 Simon Jackson, Honorary Professor at the University of Plymouth’s Peninsula Medical School.
Molendotech continues to use its research capabilities to develop novel solutions to protect human health from environmental risks. Commercial assays of our initial technology are helping to deliver rapid risk assessments for users of recreational water.
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 Chief Executive Officer Professor Simon Jackson, Honorary Professor of the Peninsula Medical School, University of Plymouth
SirenBW is showing commercial traction and the feedback is encouraging. The new technology is showing very encouraging results in rapidly detecting and quantifying pathogenic bacteria, such as E.coli O157, producing results within a couple of hours. This could dramatically reduce the number of recalls in food industry and its associated cost.Molendotech Business Development Director, Rui Andres