The raise was led by existing investor Archangels, with support from Old College Capital, BBI, Scottish Enterprise, and new investor EverQuest Capital Partners.

BIOCAPTIVA’s a novel magnetic bead technology is designed to solve one of liquid biopsy’s biggest bottlenecks: preparing blood samples for cancer research and diagnostics. By improving how cell-free DNA is captured from blood, the technology aims to make liquid biopsy testing more reliable, scalable, and accessible.

The company’s patented msX platform extracts DNA directly from whole blood without the need for centrifuges or additional reagents, delivering higher quality samples with simpler, faster processing. The technology has the potential to improve the pace and scale of cancer research by addressing a long-standing bottleneck in how samples are prepared for liquid biopsy, which is a growing market in non-invasive genetic testing.

BIOCAPTIVA launched its msX kits for research use to build a body of evidence across a range of applications in Boston earlier this month.

To further cement its growth, the company has appointed Alan Schafer as chief technology officer. Schafer brings more than 30 years’ experience in genetics technologies and molecular diagnostics, including roles as CTO at Inivata (acquired by NeoGenomics in 2021 for $415m), CEO at Population Genetics Technologies and 14M Genomics, and former VP technology development (global) at GlaxoSmithKline.

The funding will also support R&D investment to expand BIOCAPTIVA’s product range and potential applications.

Jeremy Wheeler, CEO of BIOCAPTIVA, said: “Oncology is an exciting and vibrant sector. The scientists and technologists have been doing incredible things based upon the samples that they’re given, but there hasn’t been any particular movement in how the samples are prepared for years.

“Our msX platform has the potential to revolutionise how samples are collected, allowing for larger samples, faster extraction, simpler processing, and fully automatable capabilities.

“In practice, that means faster, better and deeper iteration and research on cancer, leading to better outcomes for potentially millions of people globally. This new funding brings us closer to achieving that goal.”

Sarah Hardy, director and head of new investment at Archangels, said: “BIOCAPTIVA is at an inflection point in its growth trajectory with the launch of its new msX beads.

“The market potential for the technology is remarkable, and with the products, the senior leadership and the research and development capability within the business, we’re confident about the future success of the BIOCAPTIVA.”

Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, said: “Our investment in BIOCAPTIVA highlights our commitment to helping increase the scale of capital investment by businesses in Scotland to support our economy, drive productivity and create higher-value jobs.

“Company growth and productivity can lead to optimised operations, expanded export capabilities and move jobs up the value chain.”