Newcastle University spin-out, NunaBio, has successfully raised an additional £810,000 to expand its pioneering DNA synthesis technology.
NunaBio, located at the Newcastle Helix science and business park, was established in April 2021 by Dr Andrew Pike and Dr Eimer Tuite. The company, later joined by CEO Dr Joe Hedley, has developed innovative DNA synthesis methods, which allow it to provide DNA to clients with unmatched speed, scale, and cost-efficiency.
Traditional DNA production methods are insufficient to meet the global demand from rapidly expanding markets, including gene therapy, T cell engineering, diagnostics, and targeted biomarker panels. Therefore, NunaBio’s new processes for DNA synthesis and rapid scaling are crucial for both emerging and established industries.
In March 2023, NunaBio raised £1.9 million from the North East Innovation Fund, Pioneer Group, Ascension Life Fund, and Martlet Capital to expand its infrastructure. This investment enabled the company to scale-up its offerings and enhance research and development. Following a further £1 million investment in December 2023, Northstar Ventures has now injected an additional £400,000 alongside £410,000 from other existing investors.
This recent funding marks the first investment by the Northstar EIS Growth Fund in conjunction with the North East Innovation Fund, supported by the European Regional Development Fund. The funds will be used to increase capacity to meet growing customer demand and further develop the technology.
Joe Hedley, CEO of NunaBio, stated, “As the market for genetic medicines continues to expand at pace, we believe our NunaSynth platform can be a key enabler of the industry. We are delighted that our investors also see the immense opportunities the field offers and continue to support our progress towards setting a new gold standard in DNA manufacturing.”
Alex Buchan, investment director at Northstar Ventures, commented, “The demand for NunaBio’s DNA product and its potential impact on a global level cannot be overstated. Synthetic biology is revolutionising the way we meet the growing challenges of an ageing society and the consequences of climate change on food production. It is absolutely vital that pioneering companies such as NunaBio can readily access the capital they require to unlock the almost limitless potential of this new technology. Northstar Ventures is committed to continuing to support the growing cluster of synthetic biology businesses and help ensure the North East is a world leader in this field.”
NunaBio’s innovative approach and recent investments highlight its potential to revolutionise DNA synthesis on a global scale, significantly impacting various life sciences sectors.
