Life science software company Overwatch has closed a significant funding round that will accelerate product development and enable the company to grow its existing customer portfolio across both Europe and the USA.
The investment has been led by Techstart Ventures and includes a number of NI-based private investors who are part of the Halo Business Angel Network (HBAN). The funding round was oversubscribed demonstrating strong investor interest in high-potential start-ups despite the current economic uncertainty.
Overwatch is an innovative software company revolutionising drug development processes for pharmaceutical companies worldwide. The product reduces scientific error and inefficiencies, helping to solve the global reproducibility crisis which costs the pharmaceutical industry $28Bn every year in the USA alone. This pre-clinical reproducibility crisis is a major contributory factor to the unacceptably high clinical trial failure rate.
Over the past year, Overwatch has built a portfolio of customers and partnerships on both sides of the Atlantic, helping pharmaceutical companies develop drugs for some of the world’s most prominent diseases including cancer and Alzheimer’s.
Overwatch CEO, Dr Chris Armstrong, said: “We are delighted to close this investment round and look forward to pursuing ambitious targets relating to both product and sales. We are especially thankful to both Techstart and our private investors for supporting us during this unprecedented time of economic uncertainty. This funding will enable us to develop our relationship with current customers and establish new professional partnerships within the pharmaceutical and contract research industries.”
Techstart Venture’s Investment Director, John Murray added: “The Overwatch solution solves problems confronting researchers and was borne out of Chris’ own experience as a cancer researcher. Chris and his co-founders, Paul and Graham Wilsdon, have built a world-class product that is now being used in both Europe and the USA to help researchers ultimately find cures for disease. We’re delighted to support the Overwatch team as they enter an exciting new growth phase.”
HBAN representative, Chris Trotter, said: “Overwatch attracted significant interest among our investor group who recognised the potential for innovative software in the drug development process. The team have an exciting journey ahead as they execute an ambitious international growth plan.”