The money was raised from new backers IQ Capital, the National Endowment for Science, Technology and the Arts (NESTA) and YFM Private Equity, as well as existing investors Seraphim Capital and Oxford Capital Partners.

It will be used to commercialise Sirigen’s “high sensitivity flourescence” technology, which is designed to enhance the performance of diagnostic tools used to analyse and manage diseases such as HIV and leukaemia.

In tandem with the fundraising, Sirigen has appointed a new chairman, David Evans, who was chairman of molecular diagnostics company DxS that was recently sold for up to $130 million (£80 million) to Qiagen.

Two new investor directors have also joined Sirigen’s board, Ivan Griffin of NESTA and Max Bautin of IQ Capital, as well as an additional non-executive chairman, Arthur Cole, who previously held senior roles at Visible Genetics and Pharmacia Biotech.

Nick Kerton, CEO of Sirigen, comments, ‘The collective experience of these individuals will be invaluable in building Sirigen’s business and significantly enhancing shareholder value.’

Sirigen was advised on the fundraising by Matrix Corporate Capital.