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| Specialist Lab Software Company Raises Development Capital Jointly From VCs And Private Investors |
Fast-growing software company CSols plc, which specialises in the development of universally applicable data management software for laboratories, has received investment for further product development and marketing from Members of the Hotbed private equity network and Close Brothers venture capital fund.
According to Hotbed, the majority of laboratory instruments do not directly input data into the computerised Laboratory Information Management Systems (LIMS) used by most laboratories to track tests and analyse results. CSols software, called ‘Links for LIMS’, provides those links, thus minimising the man-hour costs and eliminating the potential for error inherent in manual data inputting systems.
Comments Dr Phil Goddard from CSols, “Not only are there are thousands of different laboratory instruments and numerous types of lab data management systems which can now be directly integrated but there is also sufficient flexibility to meet the specific needs and working practices of individual laboratories.”
Adds Simon Emary of Hotbed, “In highly competitive and strictly regulated industries, for example pharmaceuticals, errors and delays can be very costly. We believe that there is significant market potential for a product which helps labs improve accuracy toward that optimum 100% goal.”
CSols was founded in 2000 by its Chief Executive Dr Phil Goddard and Financial Director Ann Cavanagh, although Dr Goddard had been working on the development of ‘Links for LIMS’ for over a decade. CSols’ blue-chip clients include GlaxoSmithKline, Bristol-Myers Squibb, Novartis and the Laboratory of the Government Chemist.
Hotbed is a specialist provider of venture capital to companies looking to raise between £250,000 and £5 million of equity. Investment funds are provided mainly by private individuals who can invest in units of £25,000 in companies they select from a range of opportunities presented to them.
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