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Edinburgh veterinary diagnostics firm MI:RNA attracts $4m investment
Scottish veterinary diagnostics company MI:RNA has secured $4 million (around £3.13 million) in Series A funding.
With the aim of changing the future of animal health care through improved and earlier diagnostics, the capital will be used to continue global growth plans and revolutionize animal health testing, improving diagnostics and welfare across the pet, agriculture and equine sectors.
Edinburgh-based MI:RNA’s vision is to change the way we approach disease diagnosis to improve outcomes for animals. The merits of MI:RNA technology are scientifically reviewed and proven, winning numerous grants and awards.
Funding was raised from eight investors across three continents, including new investors,
NovaQuest (lead investor), Kyoritsu Holdings (owner of a Japanese animal health company), VANE (Angel Syndicate), Animal Health Angels, and Companion Fund I, LLC (VC). Existing investors adding to the Series A round are Gabriel, Equity Gap, and Scottish Enterprise.
Eva HanksCEO and Founder, said: “Following our successful seed funding round from Gabriel Investments and Equity Gap, the Series A is an important milestone in our global growth plans as we seek to improve health outcomes for animals through early disease diagnosis using revolutionary biomarker technology and artificial intelligence.
“The geographic distribution of this investment round reflects the global opportunity for MI:RNA to deploy our platform for better outcomes for pets.”
Brian MachadoManaging Director of NovaQuest Capital Management, said: “NovaQuest is extremely excited to lead the Series A with an exceptional syndicate of investors.
“Eve has assembled an excellent team and strong partners to help bring this innovative and disruptive diagnostic to livestock and companion animals.
“Not just identifying the disease, but understanding the stage of the disease and progression through cellular mechanisms is the incredible potential that miRNAs have. We believe this technology has tremendous potential.”
Peter GlassmanDVM, Executive Committee Member and Co-Founder of the Veterinary Angel Network (VANE), said: “Our network of veterinarians, business owners, entrepreneurs and industry experts is committed to supporting innovation in the animal health space.
“We invest in businesses that help pet owners, animals or veterinary teams and MI:RNA is an exciting investment opportunity at the forefront of science and technology.
“Our members were impressed with the MI:RNA team and the market application opportunity for veterinary clinics around the world to detect and stage disease earlier.”
The investment will be used to continue growing in partnership with leading multinationals in animal health.