Cryogenics specialist brings Angel Investor on board
A Cardiff-based cryogenic storage business has secured fresh investment which will help it meet increasing demand from hospitals, medical research organisations and others.
The final tranche of a £150,000 funding round will be used by Cryo Storage Solutions to complete development of a new cryogenic, low temperature sample storage facility.
The £87,000 equity investment will enable the company, which offers a range of cryogenic and -80 degrees celsius storage, disaster recovery and risk management services, to complete its Human Tissue Authority license.
At least two new jobs will be created in the short term with more planned in the future.
“We are delighted to have completed our funding round with this latest investment form a private investor who we welcome on board,” said Edwin Dyson, founder and managing director of Cryo Storage Solutions.
“He brings valuable business experience to our growth plan having successfully built and exited his business in North America.
“Safe, secure cryogenic storage of samples is key to reducing risk and meeting demand from today’s multimillion-pound medical and research markets.”
The investment was managed by Cardiff-based access to finance company Severn Seed Finance (SSF).
“We identified Cryo Storage Solutions as an attractive investment opportunity for a private investor because of its existing revenue stream from the sale of cryogenic equipment, plus the exciting opportunity presented by its new ultra-low temperature storage facility,” said David Maas, founder of SSF.
“Angel investors that bring both money and experience to a young business is a winning combination in my experience.”
Cardiff-based Loosemores Solicitors and Broomfield Alexander advised the investor.