Authentication firm Eluceda raises £1.1m in fundraising

UK authentication specialist Eluceda has raised £1.1m ($1.5m) from institutional investors that will be used to expand its headcount and accelerate its growth plans.

Four-year-old Eluceda's authentication and brand protection technology platform includes taggants and forensic markers, security inks and readers/detectors, used in the consumer goods, security document and manufacturing sectors.

Its technology is also being deployed biological and chemical detection applications, such as the analysis of samples to identify pathogens like bacteria in food and beverage products.

Chief executive Matthew Harte said the new funding would be used to add to management and technical staff and to help drive "organic growth" in its existing markets.

“The markets we operate in are large, global, are growing strongly and Eluceda is in a good position to accelerate its growth trajectory with the proceeds from this fundraising," he added.

The cash injection comes a few months after Eluceda received funding from the UK's Biotechnology and Biological Sciences Research (BBSR) council to support a project with the University of York aimed at the development of anti-counterfeit technologies based on novel protein scaffolds for use in biosensors.

Eluceda's patented E-Sens technology detects small molecules, DNA or pathogens in a wide range of specialist applications ranging from identifying counterfeit consumer goods to discovering bacteria within healthcare facilities.

The BBSR fundng is earmarked for the development of Eluceda's portable counterfeit detection devices with its suite of on-product and in-product authentication solutions from its R&D facility, based at the University of York.

Earlier this year the company also picked up grant funding from Innovate UK and Made Smarter, another UK funding organisation.

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