InvenireX, a Newcastle-based biotech company that aims to disrupt the market for PCR laboratory tests, has raised £500,000 in funding from DSW Ventures and XTX Ventures.

InvenireX’s platform, which incorporates AI and programmable DNA or ‘nanites’, enables scientists to rapidly test raw material for biomarkers at minute concentrations without the need for pre-processing. It could have wide-ranging applications in early disease detection, personalised medicine and environmental monitoring. 

Currently PCR (polymerase chain reaction) tests are widely used to detect the presence of genetic material but are time consuming and prone to error. Samples have to be purified and amplified, which can generate false readings, and repeat tests can produce varied results. InvenireX has developed a fundamentally new process that is simpler and more accurate– the raw sample is input directly into the instrument and provides real-time, highly sensitive and user-friendly outputs.

InvenireX was founded in 2021 by Daniel Todd while studying for a PhD in DNA and nanotechnology at the University of Newcastle. The company, which is based in Newcastle city centre and has a four-strong team, is currently engaged in two proof-of-concept studies with commercial partners in the fields of agriculture and cancer detection. The funding will enable it to optimise the final prototype and deploy it into external R&D laboratories for further technical validation.

Daniel Todd, founder, said: “This funding is a significant milestone for InvenireX and is testament to our groundbreaking work in the realm of enzyme-free real-time, ultrasensitive nucleic-acid detection and absolute quantification. The expertise and financial support from DSW and XTX will be instrumental in accelerating our route to market.  We look forward to working closely with them as we embark on this exciting phase of growth and innovation.”

InvenireX becomes the 13th company to join the DSW Ventures portfolio, and the second from its recently launched Seed EIS fund. Emma Cassidy of DSW Ventures commented: “InvenireX has developed an exciting platform technology with promising data and early customer traction. This round will help get the technology into the hands of users who can further validate it and drive the company forward into full commercialisation. It’s been a pleasure to work with the InvenireX team who are incredibly talented, dynamic and open to collaboration.”

Weightmans LLP (legal) advised DSW Ventures on the deal, with Ward Hadaway advising InvenireX.

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About DSW Ventures

DSW Ventures, based in Manchester, is an early stage investor in high-growth technology businesses, supporting companies from startup through to series A and investing across the UK regions. DSW Ventures manages an SEIS fund with access to additional funds through its partnership with British Business Investments and its network of EIS investors. DSW Ventures is part of the Dow Schofield Watts Group, a quoted advisory and investment group, headquartered in Cheshire and with offices across the UK.

About British Business Investments

Part of the funding delivered by DSW Ventures was delivered through its partnership in British Business Investments’ £100m Regional Angels Programme, designed to help reduce regional imbalances in access to early-stage equity finance for smaller businesses across the UK. British Business Investments is a commercial subsidiary of the British Business Bank. Its role is to increase the overall supply and diversity of finance – both product and provider – on offer to UK smaller businesses. It does this while providing value for money for UK taxpayers. British Business Investments does not finance small businesses directly, but instead works with the market to provide funding through its delivery partners. These partners offer a range of funding options for small and high-growth businesses across sectors, regions and business stages.