Integumen, a York-based life sciences group, has secured a £3 million three-year loan facility to fund its global expansion.
The funding, provided by Riverfort Gobal Opportunities, requires no repayments until 2021.
Integumen will initially drawdown half of the funding to provide it with working capital to allow it to expand its Labskin support services into the US and Asia, and its objectives relating to its COVID-19 AI product development.
“Integumen has built multiple revenue streams, guided £4 million in revenue for 2020 and continues to expand product and service development programmes,” said CEO Gerard Brandon.
“This comprehensive loan facility has been designed to align with the Company’s guided revenue projection and provide sufficient working capital to maintain and build on that growth well into 2021.
“Our objectives for the next year see further opportunities to support the fight against COVID-19 and expansion of our Labskin services business into new regions and these funds will support that progress.”