Exciting Instruments raises £4m to enable high-throughput smFRET and FCS measurements
18 November 2024 - Empirical Ventures has announced an investment as part of a combined £4 million seed round raise into Exciting Instruments with co-investors Northern Gritstone, NPIF II – Praetura Equity Finance (managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II) and serial entrepreneurs Stan Boland and Jonathan Millner.
Single-molecule microscopy is one of the most powerful tools to understand disease and develop targeted therapies, however it has often been limited by complex workflows and limited accessibility, restricting its use so far to select and specialist research environments. Exciting Instruments has developed and delivers a practical and efficient new platform for single-molecule detection, opening up adoption to an unconstrained user base spanning pharma, healthcare and other industrial applications. Its platform technology allows users to visualise and analyse individual molecules and their interactions, whilst also providing high throughput processing and automation of analytics, advancements that are critical for improved efficiency and productivity.
Early customers of Exciting Instruments’ platform are already using it to drive new discoveries in drug development, clinical diagnostics and a range of research applications in both the pharmaceutical industry and within leading research laboratories. Where incumbent approaches have failed to scale, Exciting Instruments is demonstrating a new path that will totally redefine molecular analysis and transform global health outcomes.
With the new funding, the company plans to further develop commercial partnerships, build out its team and evolve its products.
Dr Johnathan Matlock, General Partner of Empirical Ventures, said: “Tim is a world-renowned expert in smFRET, bringing both technical leadership and a strong personal commitment to advancing the technology, making him a compelling advocate for the product. The company has generated revenue and successfully bootstrapped its initial phase, showing strong financial discipline and market demand. Their version 1 device is already commercially viable for academic sales, with established use and regulatory compliance (CE marked). The device’s ease of use and validated performance ensure accessibility to non-experts, which broadens its market appeal. Development of the v2 prototype with advanced features signals readiness for industry adoption, specifically targeting pharmaceutical applications with a low-risk, high-potential upgrade. Competitive advantages over existing smFRET solutions, such as the PicoQuant MT200 and ONI Nanoimager, make EI’s devices appealing for both academic and industrial use.”
Tim Craggs CEO and Rob Bell COO, Co-Founders of Exciting Instruments said: “Our vision at Exciting Instruments is to bring the power of single-molecule detection to every academic and pharma lab across the globe. We’re not just building technology—we’re creating a new era where single-molecule insights become the foundation for breakthroughs that will redefine what’s possible in human health.”
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About Exciting Instruments
Exciting Instruments, a spin-out from the University of Sheffield, is revolutionizing single-molecule fluorescence spectroscopy for biophysics, life sciences, drug discovery, and diagnostics. Co-founded by Dr. Tim Craggs and Robert Bell, the company brings together world-class expertise in single-molecule FRET and cutting-edge software solutions. Their flagship product, EI-FLEX, is a compact, benchtop system designed for both seasoned scientists and new users, making advanced research tools more accessible. By integrating real-time data visualization and cloud connectivity, Exciting Instruments is helping researchers push the boundaries of scientific discovery.
For more information, please visit: https://excitinginstruments.com/
About Tim Craggs, Co-Founder and CEO of Exciting Instruments
Tim Craggs, CEO of Exciting Instruments, is a leader in the field of single-molecule fluorescence. With extensive multidisciplinary experience spanning chemistry, physics and biology he has held research positions at Cambridge, St Andrews, Yale, Oxford, Bristol, and Sheffield. Craggs founded Exciting Instruments to democratize advanced single-molecule detection methods for applications in biophysics, drug discovery and diagnostics.
About Robert Bell, Co-Founder and COO of Exciting Instruments
Robert Bell is a technologist and business operator with a background in startups and consulting. Prior to founding Exciting Instruments he was co-founder of an AI analytics startup and provided technology consultancy across a broad range of industries.
About Empirical Ventures
Empirical Ventures leads pre-seed and seed rounds for deep science startups creating century-defining technologies. Co-founded by Dr. Ben Miles (physics) and Dr. Johnathan Matlock (chemistry), they have extensive experience as scientists, entrepreneurs, and investors. The team are looking for exceptional science-led startups that are using the latest technological advances to solve some of the most pressing challenges facing society and our planet. Empirical fills a key need in the DeepTech landscape in the UK by leading due diligence on deep science startups, helping to de-risk early-stage investments for their investors and co-investors. Empirical Ventures operates as an appointed representative of SFC Capital Partners.
For more information about Empirical Ventures and its mission, please visit empiricalventures.vc.
