Bioniqs raises £650,000 in second round

Second-round funding

Bioniqs Ltd of York, UK, has raised £650,000 with help from the local business development body, Connect Yorkshire.

The company was spun out of York University in 2004 with backing from the quoted technology commercialisation specialist IP Group plc to commercialise novel ionic liquids, which are fluids that are largely made of electrically charged particles or ions. 

One application of the technology is in bespoke solvents which are recyclable, biodegradable, have low toxicity and can be produced at low cost. Uses of these solvents include natural product extraction, biocatalysis, reactor cleaning and decontamination.

With help from Connect Yorkshire, Bioniqs was able to develop its commercial activity and put together a business plan for consideration by venture capital and business angel sources, resulting in the £650,000 funding.

Bioniqs is now proceeding with detailed negotiations with two major pharmaceutical companies.