Funding sources include UK-based companies Calculus Capital, the Scottish Investment Bank, the investment branch of Scottish Enterprise, and private shareholders.
The majority of resources will fund the development of Synpromics’ synthetic promoters – DNA sequences that do not exist in nature – via the company’s PromPT design platform.
PromPT is a bioinformatics database for the design, build and screening of synthetic promoters. The promoters allow for precise control of gene function, impacting gene therapy, cell therapy and gene editing.
Synpromics CEO David Venables described the distinct nature of the PromPT platform late last year as a “unique capability for the industrialised development of synthetic promoters which doesn’t exist elsewhere.”
Beginning with a team of nine, Synpromics predicts its increase staff size to increase to up to 35 over the next 12 to 18 months.
The deal follows GE Healthcare’s investment in the Scottish company earlier this year.