Northstar Ventures led the round through the North East Spinout Inspire Fund, the North East Innovation Fund and the Northstar EIS Growth Fund, alongside Maven’s regional funds and new angel investors. The funding also unlocked a €253,000 Innovate UK Investor Partnership grant.
Based in Durham and founded in 2018, Magnitude Biosciences uses its VivoScan platform to screen compounds in whole organisms (C. elegans worms) using automated imaging, robotics and AI. The company aims to accelerate drug discovery for ageing and neurodegenerative diseases.