A business developing a unique chemical production system, LabMinds, has raised $3.2m through crowdfunding platform VentureFounders.
The Oxford-based startup, founded by two biochemistry students, produces a piece of laboratory equipment that improves the chemical solution preparation process. The pair started the business in 2009 and went on to win Oxofrd University’s entrepreneurial idea competition that year.
The product, Revo, speeds up traditional labourious solution preparation with a fully automated system that improves efficiency, traceability, accuracy, health and safety and limits wastage while automating much of the regulatory compliance.
Successful crowndfund
LabMinds reached its investment target in the 38th day of its three month campaign and investors are able continue investing for the remainder of the campaign.
The Angel CoFund contributed $800k to the raise and commenting on the announcement, investment director Tim Mills pointed to British universities as hive for entrepreneurship:
“Today’s LabMinds investment is exciting for the Angel CoFund in two ways. Firstly, it’s great to be backing this innovative British business – our universities are such a fantastic source of entrepreneurial talent and LabMinds is a great example.
“Secondly, we’re delighted to be working with VentureFounders for the first time, who have been able to bring in such substantial and solid support for the business.”