Wales Bank Invests in Innovative Technology Startups
The Development Bank of Wales has made a significant investment in the advancement of technology-focused companies within the region, recently contributing to a funding round that has raised £1.7 million for a collection of innovative spinouts from Welsh universities. One of the notable recipients of this funding is Llusern Scientific, a Cardiff-based company that specializes in developing diagnostic tools for Urinary Tract Infections (UTIs). This investment not only supports their mission to commercialize a rapid testing system but also exemplifies the Bank's commitment to fostering innovation and driving economic growth within Wales.
Founded by microbiologist Dr.
Emma Hayhurst and molecular geneticist Dr. Jeroen Nieuwland, Llusern Scientific aims to tackle the increasing prevalence of UTIs, particularly among an aging population. After receiving a Discovery Award from the Longitude Prize and NESTA, the team, which has since expanded to include biomedical engineer Professor Ali Roula and diagnostic expert Martyn Lewis, has made remarkable strides in developing Lodestar DX—a molecular diagnostic test system for both humans and animals that can deliver accurate results in as little as 35 minutes. Dr. Hayhurst highlighted the critical need for rapid diagnostics, stating, “Fast and accurate diagnosis, leading to a rational treatment, is essential to achieve a timely and effective therapy.”
The financial backing from the Development Bank of Wales represents a crucial step for Llusern Scientific as it prepares to bring its innovative testing kits to market. Dr. Harry George, Assistant Investment Executive with the Development Bank, emphasized the importance of supporting startups with high growth potential like Llusern, stating, “Supporting technology-focussed start-ups with high growth potential like Llusern is exactly where our equity funds can make a real difference.” The commitment to strengthen the pipeline of university spinouts in Wales aligns with the Bank's broader vision of advancing business innovation across various sectors, as articulated by Carl Griffiths, Technology Seed Fund Manager, and Dr. Louise Bright, Pro Vice Chancellor of Enterprise, Engagement and Partnerships at the University of South Wales. Together, these efforts underscore the collaborative spirit fostering sustainable growth and entrepreneurship in the region.
They've invested in Llusern Scientific
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