The Redcar-based firm intends to use the funds to accelerate the development of a pioneering probe that monitors bio-processes using cells, or parts of them to make medicines which will allow pharmaceutical firms to step up productivity, nebusiness.co.uk reported.
Bioinnovel also plans to use the investment to develop software to be used with the probe, and strengthen its board of directors with additional expertise.
Bioinnovel founder and technical director Joanna Vlahopoulou said the company has been able to significantly strengthen its offering by working closely with the IP Group and through the IP Group-run Finance for Business North East Technology Fund investment.