IQ CAPITAL PARTNERS

Quotient Diagnostics, developer of a new diabetes testing technology, has secured a further round of investment allowing it to take its Quo-Test system into production. The company is focussing on a diabetes indicator known as A1c, which is a component of haemoglobin and an important indicator of a diabetic’s long-term condition.

The A1c test is used to check how well patients have their condition under control. With the rapid spread of diabetes around the world, clinicians increasingly look to A1c to help them tackle it. Quo-Test is significantly faster, cheaper and simpler to use than the alternative of sending a blood sample away for laboratory analysis. It provides a result in around 4 minutes, making it possible for a doctor or nurse to get a reading on the spot, so reducing costs and waiting times.

From its foundation in 2003, Quotient has been backed by an investor syndicate including GEIF Ventures, NESTA, The Capital Fund LP, and a group of angel investors. They were joined later by trade partner BBI Holdings.

In this new round, the company's fourth, the previous investors have been joined by a further 13 angels, who account for half of the £1 million raised. The majority of newcomers are members of London Business Angels.

Dr. Greg Davidson, Quotient's CEO, said: "This is another major step forward for the company. The shift from R&D to production is one that many a high-tech start-up never actually achieves. We always felt that there would be great market potential for our system and we are now poised to prove this. We are deeply grateful to investors old and new for their vote of confidence in us."