Xelect limited and the EOS Technology Investment Syndicate have announced the completion of an equity investment round.
Kevin Grainger, founder and gatekeeper at EOS, said: “Xelect is at a more advanced stage than most of the start-up businesses we invest in, in that it is in its third year of revenue and is profitable.”
He added: “We are excited about the global potential for its IP and look forward to working with Ian, Tom and the Xelect team to maximise this potential over the coming years.”
Xelect originated from the research of Professor Ian Johnston at the University of St Andrews and was launched with co-founder Dr Tom Ashton, following doctoral research into the genetic basis of fillet quality in Atlantic salmon.
The proceeds from the current round of investments will contribute to establishing independent laboratory and office space within St Andrews University, equipped with state-of-the art genetic analysis equipment.
The use of genetic testing techniques underpins most modern day agriculture breeding programmes and the growing market now presents a huge opportunity, with almost 50% of seafood consumed coming from aquaculture.
It is argued that due to increasing environmental constraints, the use of genetic selection will need to become the norm in order to meet increasing demand for seafood as the human population grows to an estimated 9bn by 2050.
Tom Ashton, co-founder and operations director at Xelect, said “The investment process with EOS went very smoothly and we feel confident they will help us to accelerate our growth and profitability by providing not only cash but valuable support and business expertise.”
