Northern Ireland software firm Overwatch said it has closed “a significant funding round” that will help grow its pharmaceutical customer portfolio across Europe and the USA.
The company uses software to reduce scientific errors in drug development processes for diseases including cancer and Alzheimer’s.
A spokesperson said this helps solve a global reproducibility crisis that costs the US pharmaceutical industry $28bn every year, which is “a major contributory factor to the unacceptably high clinical trial failure rate.”
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 [Ventures] and our private investors for supporting us during this unprecedented time of economic uncertainty.”
RELATED: Belfast medtech secures express delivery of respiratory equipment from Asia
Techstart Ventures’ 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.”
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).
RELATED: Read more about Start-ups at Sync NI
