Paraytec aim high with new round of angel funding
Paraytec Ltd, a scientific instrument company based in York, has received investment worth over £150,000 in its latest funding round. A new investor, YABA member David Thornton, joined existing Viking Club/YABA investors, management and Yorkshire Fund Managers in the round. Part of the funding was in the form of a loan from the Viking Loan Fund.
Formed as a spin-out from the Chemistry department of the University of York in 2005, Paraytec designs, develops and manufactures innovative instruments for use in drug development. Chief Executive Officer Mark Vaux explains how the latest funding will help the company. “We are aiming to sign our first major OEM contract with one of the leading companies in the scientific instrumentation field,” he says. “The route to market for our equipment is to partner with one or more of the big multinationals and this will take our business on to the next stage.”
David Thornton saw Paraytec present at the YABA investment forum in May this year. “The proposition was at an interesting stage when I saw it,” he says. “A lot of time and development had gone into it and I was impressed by the mix of academic and commercial people in the team.” David spent time at Paraytec’s premises in York carrying out due diligence. “The team was very forthcoming and willing to listen to my suggestions,” he says. “As the funding round was being supported by existing investors, I was confident in making the decision to invest.”
Mark Vaux had high hopes of finding new investors when Paraytec presented at the investment forum. “A number of our existing investors are YABA members who have invested via the Viking Club, so it’s great to welcome another YABA member for the next stage in Paraytec’s development.”
