Search

Future 50 firm secures £750,000 of US funding

18:10 29 January 2014

intelligent fingerprinting

intelligent fingerprinting

Archant

Norwich-based Intelligent Fingerprinting’s bid to develop the world’s first handheld fingerprint-based drug screening device has been boosted by £750,000 in funding from a consortium of private US-based investors.

Dr Jerry Walker chief executive of Intelligent FingerprintingDr Jerry Walker chief executive of Intelligent Fingerprinting

The funding will be used to support the final stages in the development of the EDP Future 50 company’s non-invasive drug screening technology, which screens for multiple drugs of abuse and provides results in less than 10 minutes.

It follows an earlier investment of £2m from US backers in 2012. In the past 15 months Intelligent Fingerprinting has also secured almost £700,000 in government-funded grants.

Dr Jerry Walker, Intelligent Fingerprinting chief executive, said the latest funding comes as the product nears commercial launch.

“This additional funding is fantastic news as we enter the final phases of development,” he said. “Allowing us to accelerate the device’s introduction to the global market, the investment will be used as working capital to fund late stage product development and to support investment in manufacturing.

“The ongoing support from investors validates our assertion that we have a technology with massive potential.”

The new technology is expected to revolutionise drug testing globally in many sectors including criminal justice, drug rehabilitation and the workplace.

Dr Walker added: “We’re very encouraged by the continuing financial support from investors here and in the USA. They’re clearly as excited as we are about the immense potential of our ground-breaking technology.”

0 comments

HOT JOBS

Show Job Lists

Insight

J&S Jewellery was launched three years ago by sisters Jenny and Sophie Laslett and is now turning over £1M a year. Photo : Steve Adams

When launching a jewellery business in late 2012, sisters Jenny and Sophie Laslett used some borrowed money and a spare room. After ordering a small batch from a manufacturer in the Far East, their only customers the first Christmas were friends and family.

Justice Secretary Liz Truss arrives in Downing Street, London, for the first Cabinet meeting of the new government. PRESS ASSOCIATION Photo. Picture date: Tuesday July 19, 2016. See PA story POLITICS Cabinet. Picture: Dominic Lipinski/PA Wire

It is always challenging to take on a job in an industry in which you have no experience, looking to learn on the job while leading.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Shaun Lowthorpe

Business Publishing Editor

|

Sabah Meddings

Business Writer

|

Duncan Abel

Business Development Manager

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up