London University spin-out raises £930,000 in PE capital

Ixico, a London University spin-out that is developing clinical image software for drug discovery, has raised £930,000 from UK venture fund The Capital Fund and several high-net-worth individual investors.

UK venture fund The Capital Fund and a number of high-net-worth individual investors have put up £930,000 (€1.36 million, $1.7 million) in funding for the London University spin-out software company Ixico.

The Capital Fund, a £50 million London-based venture capital firm, provided £100,000, with other investors providing the remaining £830,000. Ixico was spun off in 2004, and is developing image analysis software that can automatically analyse thousands of changes in MRI, CT and PET scan images to provide drug developers with faster results so that drug development might be expedited.

The influx of capital will be used by Ixico to fund its development programme and grow the business. Recently the company hired Prof. Paul Tofts, a prizewinning MRI expert, as a scientific advisor. Ixico is currently working with major pharmaceutical and healthcare companies in the UK and elsewhere.

“We are delighted with the success of this funding round,” said Ixico’s CEO, Prof. Derek Hill, in a statement. “We spoke to several funds but were happy to work with The Capital Fund, as they were prepared to share the risk with us and our angel investors by providing vital capital on straightforward terms.”