Ai2 Limited (Ai2), a spin-out from the University of Manchester, has raised £250,000 from the UMIP Premier Fund (UPF), managed by hi-tech specialists MTI Partners for developing medical coatings platform technology.
Ai2 has reported that it is developing a peptide coating technology which is able to render medical devices and implants antibacterial, thus potentially reducing the frequency of infection. The new investment will enable the company to progress the technology platform and seek alliances and partnerships in specific applications, including contact lenses and wound dressings.
Curtis Dobson, founder and director of Ai2, said: “We are delighted to announce the successful closure of this current round. This funding will allow us to build on our successes to date and implement and validate our technology in the hands of partners. Clinical infection is a serious problem and with this investment we can play our part in delivering a new and lasting solution.”
Kevin D’Silva, chairman of Ai2, said: “The arrival of the UPF Fund as a substantial shareholder, and the presence of MTI Partners on the Ai2 board, will make a substantial contribution to the direction and management of the Company during 2010 and beyond. We are currently negotiating some key license applications for our peptide technology, and the target is to commence commercialisation successfully, and as soon as possible.”
David Holbrook, director of MTI Partners, said: “We have been watching Ai2 develop and have been impressed with its substantial technical and commercial progress for such a young organisation.”
“We have been impressed with the way the company has focussed the technology on a small number of key applications, such as contact lenses, all of which represent significant unmet need markets. We look forward to helping Ai2 grow into a successful business.”