03 Jul Lein Applied Diagnostics, a high precision measurement technology company based on the University of Reading campus, receives an investment from Henley Business Angels
Lein Applied Diagnostics (Lein), a company developing high precision measuring technology solutions based at the Reading Enterprise Centre on the University of Reading’s Whiteknights Campus, has just closed on the first tranche of its current equity funding round. This first close saw a member of the Henley Business Angels (HBA) participate along with other angels and existing investors, raising a total of £440,000. The second close will be in the autumn of this year.
Lein is working to exploit its technology in three principal markets – diabetes care, healthcare monitoring and industrial metrology – where high precision and the ability to not contact the item under test are key requirements. Lein is already generating revenues that have grown threefold each of the last four years and at the point of achieving profitability, Lein has expectations of accelerating revenue growth from the combination of existing customers. These customers include blue chip names in the nuclear industry, as existing projects move forward and new customers launch new projects.
Perhaps of even greater interest for the long term, the money raised by Lein will be used to provide capital to exploit several new product opportunities in the medical sector that offer a significant return on investment. Lein is actively developing novel meters for the diagnosis and monitoring of both diabetes and cancer.
Dr. Dan Daly, CEO of Lein Applied Diagnostics, said: “Lein is now at a very exciting stage. The ongoing projects with existing customers are now moving into production and provide Lein with a strong financial base. In parallel, the healthcare monitoring devices that we are developing have the potential to make a large improvement to the diagnosis and care of many chronic conditions and provide Lein with the route to a significant exit valuation.”
Jurek Sikorski, Founder and Director of Henley Business Angels, said: “HBA is delighted to join some well-known investors including other angels who have funded Lein to get it to where it is today. We see that the recent round will help Lein to exploit new product opportunities and continue to fuel its revenue growth.”
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