EnviroGene secures £1M in second round

Funding round completed

Molecular diagnostics company EnviroGene has raised £1 million in a second round of investment funding. The funds will be used to commercialise the company’s environmental molecular diagnostic and nanoparticle tracing products.

Investors for this round include RAB Capital plc, Finance Wales plc and management. VSA Capital, the company’s retained broker, assisted EnviroGene in raising this capital.

The company, launched with support from the Geoenvironmental Research Centre at the University of Cardiff, employs molecular diagnostics and nanoparticle tracing technology in the fields of water quality, groundwater bioremediation monitoring, and upstream oil and gas activities.

“This funding comes in recognition of the successful commercialisation of our water quality and groundwater remediation technologies,” said Alex Korda, Executive Chairman of EnviroGene. “Furthermore, it shows that our investors have confidence in the relevance and potential of our technologies in the oil and gas industry.”

A representative of RAB Capital plc commented: “EnviroGene has had some initial success with its commercialised technologies since we first invested almost two years ago. The company’s continued development in broader application areas makes this a business that shows considerable potential for development in an exciting and sustainable manner in the years to come.”

The proceeds of the financing will be used for the continued commercialisation of EnviroGene’s water quality technologies: microbial source tracing and EnviroTrace, a DNA-based tracer product, which can be used to identify sources of pollution. Both technologies may be applied to water systems including beaches, leaking sewers and shellfisheries.

The funds will also be used to complete the development of PetroGene, a diagnostic tool designed to complement seismic and soil gas studies in the exploration of oil and gas fields.