Belfast company PathXL has secured a seven-figure investment boost that will “transform” its immediate outlook.

The company is developing pioneering digital pathology technology. Des Speed, chief executive of the Queen’s University Belfast spin-out, said the success of its latest funding round was an endorsement of both the company and its ambitions.

PathXL is developing web-based solutions for digital pathology, mainly in relation to cancer and for use in education, research and clinical sectors.

The company, which is based in the Northern Ireland Science Park, secured the funding from a marriage between existing investors and new backers led by Edinburgh-based Par Equity and including Clarendon Co-Investment Fund. Previous investors also increased their level of financial commitment.

PathXL employs 25 staff and is hoping for 50 per cent growth by next March.