This financial backing was contributed by private UK business angels and the Wider Oxford Technology Angel Network (WOTAN), encompassing former investors such as Oxford Technology Management.

The investment will facilitate the commercialisation of the company's cutting-edge cryopreserved cell technology, enhance the production scale of its assay-ready cells, and broaden its market presence across the UK and Europe.

Established in 2020 by CEO Dr Tom Congdon and CSO Prof Matt Gibson, CryoLogyx has introduced a novel cryopreservation technique, grounded in over ten years of research. The firm specialises in providing assay-ready, cryopreserved cells, which are pre-plated in various formats and tailored for in vitro research. Thanks to its proprietary Cryoshield™ macromolecule cryoprotectant technology, CryoLogyx markedly diminishes post-thaw damage, enabling researchers to utilise viable cells directly from the freezer in less than 24 hours. This innovation offers researchers the potential to save up to 90% of their time typically spent on routine cell culture operations. CryoLogyx’s array of frozen, ready-to-utilise adherent cell lines presents a practical, dependable, and cost-efficient option that improves reproducibility. Such advancements are poised to enhance the development of new screening technologies and automation within drug discovery, alongside possible future applications in diagnostics and cell therapy. Notably, these ready-to-use cells recently enabled the Warwick Antimicrobial Screening Service to expedite a typical four-week project to just four days.

Following initial investments from Oxford Technology Management and private backers, coupled with a £300K grant from Innovate UK in 2021, the latest funding will allow CryoLogyx to augment its team and upscale the production of its innovative cell-based assays, catering to the growing demands of the UK and European markets. Moreover, this financial injection will bolster the company's R&D programme, accelerating the development and commercialisation of novel products and services. This expansion aims to enhance CryoLogyx's offerings to both new and existing clients while fostering opportunities for international collaborations.

Dr Tom Congdon, CEO and Co-founder, CryoLogyx, said: “We are grateful to our business angel investors and WOTAN for their confidence and continued support in the company's growth. CryoLogyx is proud to be empowering scientists to conduct research more efficiently using our cryopreserved, assay-ready cells and this funding will help us scale operations to ensure we meet researchers’ needs and expand our reach into new markets.”

Dr Tim Hart, Director, Warwick Innovations, who is working with CryoLogyx to commercialize its technology, said: “This funding boost is testament to the company's potential and reflects the trust investors have in CryoLogyx’s vision and leadership. It’s a truly remarkable technology with the potential to significantly reduce the experimental burden on researchers and expedite the discovery of lifesaving diagnostics and therapies. I very much look forward to seeing the company continue to go from strength to strength.”