Investors in the fundraising include MTI Partners, which has contributed £1 million, as well as Wheb Venture Partners, Oxford Capital Partners, Hygea VCT and Entrepreneurs Fund Management. Funds invested in the Southampton university spin-out now exceed £5 million.

Exosect is to launch a moth control product in the UK this month. It plans to release the product in Germany, France, Holland and Italy before summer.

David Ward, managing partner at MTI, says interest has been shown in Exosect’s technology by large agrochemical companies.

Adds Ward, ‘Most importantly as an investor, it is exciting to see the potential deal flow that is being lined up over the coming months.’