BELFAST, NORTHERN IRELAND, 2 January 2013: The seven-figure sum investment in medical technology company, PathXL, a Crescent Capital portfolio company, has been named as Insider‘s Deal of the Month for December.
The Belfast-based company, which is a spin-out of Queen’s University Belfast, secured the funding to develop its digital pathology software.
The funding came from new investors, including Edinburgh-based Par Equity and Clarendon Co-Investment Fund, based in Belfast, as well as increased support from existing investors Crescent Capital, QUIBIS and e-synergy.
Horwood & Holmes Corporate Finance, also in Belfast, provided advice and assistance to the shareholders of Path XL.
Craig Holmes from HHCF said: “We were delighted to have been asked to assist Path XL with this exciting phase of the company’s growth. The investment by Par Equity provides a clear demonstration of the availability of venture capital funding for innovative local companies with ambitious growth plans.”
Insider news editor David Casey said: “This deal demonstrates that innovative companies are still attracting the funding they require to grow.
“If they have a good idea and a solid business model, they can still find support at early stages of their development.”