Alaska Food Diagnostics is to bring its fastrAK pathogen detection technology to market after raising £4.5 million.

Alaska Food Diagnostics is to bring its fastrAK pathogen detection technology to market after raising £4.5 million.

The capital was provided by a syndicate of investors comprising Capricorn Venture Partners, ICOS Capital, Quest for Growth and Richmond Park Capital.

The funding was arranged by Arijana Tandara and Charles Gay at corporate finance firm Andeman, who were asked by Alaska’s management to review its options to fund its growth.

Tandara said as well as finding suitable funders, the firm also provided business and commercial strategy support to management and existing investors.

“Raising a significant amount of capital in the midst of the global credit crunch was not a light task. In addition to a well developed business and technical case, it required absolute commitment, a targeted approach and tough negotiation skills.

“Alaska now has a solid financial and strategic base and commitment from its new shareholders to drive substantial growth and make a true difference in the food safety arena.”