The money raised will enable Crysalin to operate out of its own dedicated facilities and work towards commercialising its protein structure determination technology, which has potential applications in drug discovery.

Investors in the funding round include LSE-listed IP Group and its Venture Fund, Oxford Technology Management and Oxford Spin-Out Equity Management.

As part of the deal, David Brister has been appointed chairman of Crysalin. Brister has 20 years’ experience in private equity and venture capital, including a stint with 3i and was responsible for investments in companies including Cambridge Antibody Technology and Acambis.