The round was completed by existing investors and a syndicate of business angels which included Minerva, London Business Angels and Finance East.
BACTEST provides technology which is used to incubate bacteria and detect and measure biological activity in liquid.
Annie Brooking, BACTEST CEO, comments, ‘It would not have been possible to close this funding round in this difficult financial climate if BACTEST did not offer a unique investment opportunity that is large, global and homogeneous.’
According to a statement the funding is to be used to bring to market the company’s in-situ and mobile products.
Laura Chellis, project co-ordinator at LCIF, adds, ‘BACTEST’s technology offers great potential for allowing water companies to precisely control the aeration of waste water and reduce both energy consumption and carbon emissions.
‘The LCIF investment has been specifically targeted to allow BACTEST to bring to market a range of products addressing these needs.’
LCIF is a fund University of East Anglia fund managed by Turquoise International. It receives funding from the European Regional Development Fund East of England Competitiveness Programme, which is set to invest £100 million towards low carbon economic growth until 2013.
Its contribution to the latest BACTEST funding round totals £300,000.