Dxcover Secures £5M for Cancer Diagnostics
Deal News | Feb 17, 2025 | Maven Capital Partners
Dxcover, a University of Strathclyde spin-out, has raised £5 million in a funding round led by Maven Capital Partners' IFS Maven Equity Finance. The funding was supported by new investors including the Investment Fund for Scotland, Macmillan Cancer Support, and existing entities such as Eos Advisory and SIS Ventures. Established in 2019, Dxcover has developed an innovative PANAROMIC Platform that uses spectral analysis to detect cancer early from blood samples. The funding will facilitate expansion in the UK, Europe, and establishment of US headquarters in Nashville. Prof. Matthew J. Baker, CEO of Dxcover, emphasized that this investment will propel commercialisation and improve cancer detection outcomes. Maven Capital Partners has historically supported high-potential Scottish companies, reinforcing innovation and growth across Scotland through the Investment Fund for Scotland.
Sectors
- Healthcare
- Biotechnology
- Venture Capital
Geography
- United Kingdom – Dxcover is a UK-based company and is receiving capital to expand its operations.
- United States – Dxcover is establishing its headquarters in Nashville, Tennessee, to enhance its US operations.
- Europe – The funding will support Dxcover's commercialisation efforts in Europe.
- Scotland – Investment Fund for Scotland is one of the main investors, and Dxcover is a Scottish spin-out.
Industry
- Healthcare – The article discusses Dxcover's cancer diagnostics technology which falls under healthcare.
- Biotechnology – Dxcover's use of multiomic spectral analysis for cancer detection is a biotechnological innovation.
- Venture Capital – Maven Capital Partners' investment in Dxcover involves venture capital activities.
Financials
- £5 million – Total funding amount raised by Dxcover in the investment round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Dxcover | Target company | Company | A University of Strathclyde spin-out specializing in early cancer detection technologies. |
| Maven Capital Partners | Investing company | Company | A private equity firm managing the Investment Fund for Scotland which invested in Dxcover. |
| Investment Fund for Scotland (IFS) | Investor | Company | Managed by Maven Capital Partners aiming to support high-growth Scottish businesses. |
| Macmillan Cancer Support | Investor | Charity | A leading cancer support organization that participated in the investment. |
| Eos Advisory | Lead Investor | Company | An existing investor in Dxcover leading the recent funding round. |
| SIS Ventures | Investor | Company | An investor specializing in supporting impact-focused enterprises. |
| University of Strathclyde | Investor and Origin | Company | Origin of Dxcover as a spin-out, also participating in funding. |
| Norcliffe Capital | Investor | Company | Existing investor supporting Dxcover's expansion. |