Friday, March 24, 2023

Loughborough University spinout closes seed investment round to take nanotech solution to the drinks industry

Loughborough University spinout Figura Analytics has successfully closed a seed funding round, led by a syndicate of angel investors, to bring its nanopore technology to the drinks market this year.

Taking equity in the high potential start up, in return for cash and know-how, the high-net-worth ‘angel’ individuals join SFC Capital in backing Figura to enable drinks manufacturers to rapidly and accurately detect abnormalities and contaminants through the production process, saving them time and money.

Founded in 2021 by Chemistry researchers Dr Mark Platt and PhD graduate Dr Rhush Maughi, Figura has been on a fast track since launching in LUinc., the University’s incubator on its science and enterprise park, LUSEP.

Following a highly successful first year building prototypes, testing and validating them in industry, Figura has just launched its new testing service for drinks manufacturers. This year will see the first commercial customers take delivery of this innovative hardware and software solution.

Jason Druker, investment manager at SFC, said: “We have been delighted with the progress that Figura has made since our initial investment in 2021. This follow-on investment will see the commercial launch of their technology to the drinks market, as well as the continued R&D that is required to ensure a successful long-term business.”

Nick Whitehurst, Figura CEO, said: “We are delighted to have received the backing of our existing and new investors as we bring our new analytical technology platform to market in 2023. The team have worked tirelessly over the last 12 months to validate and pilot our solution in industry and this investment is testament to their hard work and dedication.”

Professor Dan Parsons, pro vice chancellor, research and innovation at Loughborough, said: “Congratulations to the team and Figura on securing this investment for the commercial roll out of their innovations. The team continues to grow on its LUSEP base, creating a suite of new high quality skilled jobs in the region. This is great news for Figura, the University, the local economy, the drinks manufacturing sector and UK innovation more broadly. I share their excitement for the future.”

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