Dxcover Leads the Way in Cancer Diagnostics with £4.1 Million Investment
Deal News | Feb 03, 2025 | EOS Investment Management Limited (Eos Advisory)
Dxcover Limited, a clinical-stage diagnostics innovator known for its multiomic spectral analysis (MOSA-Dx) technology, has successfully raised $6.2 million in its latest funding round, led by Eos Advisory. This brings its total fundraising to $21.4 million since originating from the University of Strathclyde in 2019. The capital will facilitate Dxcover's global expansion, particularly into the US market, establishing a US headquarters in Nashville, Tennessee, and further develop its proprietary technologies aimed at early cancer detection. The investment round included contributions from SIS Ventures, University of Strathclyde, Norcliffe Capital, and new participants such as the Investment Fund for Scotland and Macmillan Cancer Support. The company announced leadership appointments as part of its strategic growth, reinforcing its leadership in cancer diagnostics. With headquarters in Glasgow and Nashville, Dxcover aims to revolutionize early cancer diagnosis using AI-powered technology.
Sectors
- Healthcare & Biotechnology
- Private Equity & Venture Capital
Geography
- United Kingdom – Dxcover is based in Glasgow, Scotland, and the investment round includes UK entities like the University of Strathclyde and the Investment Fund for Scotland.
- United States – Dxcover plans to expand its operations into the United States, establishing a US headquarters in Nashville, Tennessee.
Industry
- Healthcare & Biotechnology – Dxcover Limited operates in the healthcare and biotechnology sector by focusing on early cancer detection and diagnostics technology utilizing artificial intelligence and multiomic analyses.
- Private Equity & Venture Capital – Eos Advisory and other investment firms involved in the funding round are part of the private equity and venture capital industry, providing capital to growth-stage companies like Dxcover.
Financials
- £4.1M – The amount led by Eos Advisory in the current funding round for Dxcover's expansion.
- $6.2M – The total amount raised in the current funding round to support Dxcover's expansion and technological innovation.
- $21.4M – The total funding amount raised by Dxcover since its inception in 2019.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Dxcover Limited | Target Company | Company | A clinical-stage diagnostics company based in Glasgow focusing on early detection of solid tumor cancers with its MOSA-Dx platform. |
| Eos Advisory | Lead Investor | Company | A private equity firm leading the $6.2 million investment round in Dxcover to support its US expansion. |
| SIS Ventures | Investor | Company | A venture capital firm participating in Dxcover's funding round. |
| University of Strathclyde | Investor | Company | An academic institution and an investor in Dxcover, contributing to its recent funding round. |
| Norcliffe Capital | Investor | Company | An investor participating in Dxcover's funding round alongside other investors. |
| Investment Fund for Scotland | Investor | Government | Managed by Maven Capital Partners and backed by the British Business Bank, a new investor in Dxcover. |
| Macmillan Cancer Support | New Investor | Charity | A charity focused on cancer care that invested in Dxcover to support its mission to improve cancer diagnostics. |
| Professor Matthew J. Baker | Co-Founder, CEO and President | Person | Co-Founder, CEO and President of Dxcover leading the company's mission towards innovative cancer diagnostics. |
| Andrew McNeill | Managing Partner | Person | Managing Partner at Eos Advisory, emphasizing the strategic value of the investment in Dxcover. |
| Felix Litzkow | Head of Impact Investments | Person | Head of Impact Investments at Macmillan Cancer Support, focusing on improving cancer care experiences. |