University of Sheffield spinout secures £4m in seed funding round - technology set to support health-related research

27th November 2024

A University of Sheffield spinout that has developed a single-molecule detection platform to support health research has raised £4m in funding.

*Original featured in Business Insider

Exciting Instruments has been backed by Northern Gritstone, an investment company focused on science and technology businesses in the North of England and chaired by Lord Jim O’Neill, with co-investors Empirical Ventures, who led on scientific due diligence, 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.

Exciting Instruments has developed a new platform for single-molecule detection, with the aim of opening up adoption to an unconstrained user base spanning pharma, healthcare and other industrial applications.

Its technology allows users to visualise and analyse individual molecules and their interactions, while 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. 

With the new funding, the company plans to further develop commercial partnerships, build out its team and evolve its products.

Duncan Johnson, chief executive at Northern Gritstone, said: "Northern Gritstone is delighted to support Exciting Instruments’ internationally renowned team from the University of Sheffield. Their technology will open up a broad range of health-related research and discovery and will also support job creation in Sheffield’s thriving tech cluster.  

"I’m particularly pleased that the funding round for Exciting Instruments has been over-subscribed which is another validation of the quality of deep tech investment opportunities that exist within the Northern Triangle."

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."

Stan Boland added: "Exciting Instruments has created compelling new products for a deep market need. Tim and Rob’s energy is incredible, and I’m thrilled to play a part in helping them turn their amazing technology into the powerhouse of a huge business that will accelerate the pace of disease detection and drug development for the benefit of us all."

In a joint venture with Bulldozer Limited, a software and technology incubator based in Sheffield, Tim and his team of scientists and students founded Exciting Instruments Ltd. Exciting Instruments is a University of Sheffield spinout company that specialises in making single molecule research and data analysis more accessible.