Two portfolio companies of Enterprise Ventures (EV), which invests in early-stage businesses in the English regions, have secured a total of £5.6 million.
Two portfolio companies of Enterprise Ventures (EV), which invests in early-stage businesses in the English regions, have secured a total of £5.6 million.
Acal Energy and Medalytix, both technology companies based in the North West of England, raised respectively £3.6 million in a Series B round, and £2 million in a Series A round, from separate consortia of investors. EV invested from its two RisingStars Growth Funds.
Julian Viggars, EV’s head of technology investment, says, ‘Both fundraisings reflected an increase in the value of the [RisingStars Growth Funds’] investment and, critically, will enable the companies to continue their work in 2009, making technical and commercial progress unhindered by funding constraints.’
Acal Energy is a fuel cell business launched in 2004 with £50,000 in start-up funding from EV. The current funding round includes contributions from car maker Honda and chemical group Solvay, both backing Acal for the first time, as well as existing investors.
Medical screening company Medalytix attracted new investors Hotspur Capital Partners and Corporación Empresarial ONCE, the business and venture arm of the Spanish National Organisation for the Blind, to its investment round. The money will enable the company to globally market its flagship product, which aims to detect diabetic eye disease.
