IFS Maven Equity Finance invests in cancer diagnostics company

Dxcover, a University of Strathclyde spin-out has raised £5 million to further develop its pioneering approach to cancer detection. The round comprised of funding from new investors the Investment Fund for Scotland (IFS), which is managed by Maven and delivered by the British Business Bank, and Macmillan Cancer Support, alongside existing investors Eos Advisory (lead), SIS Ventures, the University of Strathclyde and Norcliffe Capital.

Founded in 2019 as a spin-out from the University of Strathclyde, Dxcover has developed a pioneering approach to cancer detection. Its PANAROMIC™ Platform uses multiomic spectral analysis to detect cancer at an early-stage from a simple blood sample and leverages AI to enhance diagnostic accuracy. 

Dxcover’s unique, low cost, fast turnaround test platform increases the prospect of early detection of high-mortality and hard to diagnose cancers which is critical for effective treatment. 

The new funding will enable Dxcover to advance its proprietary technologies, expand commercial operations, and accelerate market entry in the UK, Europe, and the US. Having incorporated in the US in 2024, the business is establishing its headquarters in Nashville, Tennessee, to serve the US market, while also progressing the commercialisation of its Brain Cancer Liquid Biopsy test in the UK and Europe.

Pictured L-R: Holly Butler, Co-Founder & CTO, Dr David Eustace, General Manager, Prof. Matthew J Baker, Co-Founder, CEO & President, Dr David S Palmer, CSO.

"This round of investment will further advance our mission to transform cancer diagnostics. It will accelerate our expansion into the United States and drive commercialisation in the UK & EU. This funding is a testament to our vision of improving outcomes and the quality of life by the earlier detection of cancer. It enables us to advance our differentiated technology and reach far more lives."

Professor Matthew J. Baker, Co-Founder, CEO and President of Dxcover

“Dxcover offers a ground-breaking alternative to current approaches to cancer diagnosis. A growing body of evidence suggests the platform has the potential to detect cancer earlier and in a very cost-effective and timely manner, which it is hoped will result in Dxcover’s platform becoming widely available. The company’s approach aligns with the Investment Fund for Scotland’s objective of supporting pioneering Scottish businesses with high growth potential. We are pleased to be backing Matthew and the team at this exciting stage of the company’s journey.”

David Milroy, Partner at Maven

"The Investment Fund for Scotland was designed to support ambitious companies like Dxcover, which combine cutting-edge technology with a strong vision for growth. This investment demonstrates how the Fund supports a broad range of industries to drive technological advancement and boost growth across Scotland.”

Sarah Newbould, Senior Investment Manager, Nations and Regions Investment Funds, at the British Business Bank

This marks the latest investment made by IFS Maven Equity Finance, showcasing Maven’s strong track record of identifying and nurturing high potential businesses, as well as the opportunity in Scotland to drive innovation and growth. The Fund has also backed gene control University spin-out, Concinnity Genetics, B-Corp accredited water treatment business, Scotmas Group, workforce optimisation software provider, Corporate Modelling Services, and, premium Indian ready meals business, Praveen Kumar.

IFS - Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across Scotland. If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here.