Queen’s University Belfast spin-out Aramune Technologies has raised £800,000 (€932,000) of new equity funding to help develop the industrial-scale manufacturing process for its first product.
The company is developing plant-derived feed materials to replace antimicrobial agents and promote growth. The materials can be mixed with standard animal feeds.
The funding will allow the company to field cultivate their source plants, scale its compound extraction procedures and carry out further commercial trials.
"We are delighted to have secured this funding from local investors who are committed to supporting Queen's spin-out ventures and the local economy," chief executive Ashley Cooper said. "With this funding we are now well placed to rapidly exploit the very many commercial applications of our proprietary Aramune compound."
Investors
The seed round is backed by a syndicate of investors that includes Queen's University's commercialisation arm Qubis, Co-Fund NI which is managed by Clarendon Fund Managers, the Qubis Innovation Fund which is managed by Sapphire Capital Partners and a local private investor.
Chief scientific officer Brian Green said it was a vote of confidence in the commercial potential of its research.
"We are delighted to be able to invest into Aramune Technologies and back its experienced management team as part of this seed investment round," said Stuart Gaffikin, investment manager from Clarendon Fund Managers. "We look forward to playing our role in supporting the company as it develops and commercialises its natural, plant-based products for use in animal health and nutraceuticals."
