CryoLogyx Closes £500k Seed Round for Cell Technology
CryoLogyx, a University of Warwick (UK) spinout, recently closed a £500k seed funding round to support the commercialization of its cryopreserved cell technology. The funding round was backed by private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), which includes previous investors Oxford Technology Management. This funding will help the company scale up production of its assay-ready cells and expand its presence in the UK and European markets.
Founded in 2020 by CEO Dr Tom Congdon and CSO Prof Matt Gibson, CryoLogyx offers assay-ready, cryopreserved cells that are plated in various formats and optimized for in vitro research.
The company's proprietary macromolecule cryoprotectant technology, Cryoshield™, reduces post-thaw damage, enabling the direct use of viable cells from the freezer in less than 24 hours. The range of frozen, ready-to-use adherent cell lines provided by CryoLogyx offers scientists an efficient and cost-effective solution with enhanced reproducibility, which could support advancements in drug discovery, diagnostics, and cell therapy applications.
The recent funding round builds on earlier investments from Oxford Technology Management and private investors, as well as a £300K grant from Innovate UK in 2021. This new funding will enable CryoLogyx to grow its team, scale up production of its pioneering cell-based assays, and accelerate the development and commercialization of new products and services. By expanding its offerings and pursuing global partnerships, CryoLogyx aims to meet the increasing demand for its innovative cell technology in the UK, Europe, and beyond.
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