Lab Thread secures GBP £750,000 to revolutionise lab data management
Ryan Cawood, the founder of OXGENE, has secured GBP £750,000 from the Midlands Engine Investment Fund II through fund manager Mercia Ventures for his new business, Lab Thread, which aims to address challenges in laboratory data management.
Cawood, recognised for establishing OXGENE - one of the UK's fastest growing biotechnology firms prior to its GBP £99 million sale to WuXi Advanced Therapies in 2021 - has joined with former colleague Deyan Sultov to create the Silverstone-based Lab Thread. Their venture seeks to provide affordable, comprehensive software to support the management of complex research data across both office and laboratory environments.
Lab Thread's recent funding will support the final development and commercial launch of its data management platform. According to the company, existing laboratory software often remains out of financial reach for smaller organisations or fails to fully integrate with existing systems. As a result, researchers frequently rely on manual methods such as paper notebooks and spreadsheets, complicating data sharing and hindering workflow.
The new platform is designed to combine multiple features including DNA visualisation tools, sample inventory, project management, and in-lab experiment recording. All elements are pre-populated for routine laboratory tasks with the aim to streamline work both within and beyond the laboratory setting.
"Research is highly complex and regularly takes unexpected turns but current software platforms often fail to allow this level of flexibility. As a result, researchers often resort to using paper or lose important data. Lab Thread aims to make their jobs easier by providing interfaces for both the office and lab, stripping out the paperwork and streamlining processes along the way.
Cawood highlighted his longstanding relationship with Mercia Ventures as a factor in the venture's development. "I worked with Mercia for over a decade while building OXGENE and the partnership was very successful for both sides, so the first thing I did when starting this new venture was to reach out to Mercia again. The funding will enable us to aggressively pursue our development plans and transform laboratory data management."
Industry analysts estimate the global laboratory software market to be between GBP £4.4 billion and GBP £5 billion, with projected annual growth rates of 8 to 10 percent over the next five years.
Howard Mitchell of Mercia Ventures commented on the decision to back the new firm. He said:
"Ryan and Deyan are passionate about solving the challenges of information management in laboratories as they know how critical it is for successful research. Through their combined experience, they are ideally placed to develop a solution. We believe that Lab Thread will tap into growing demand for laboratory software and could have a significant impact on the success of the life sciences sector."
Dave Tindall, Senior Investment Manager at the British Business Bank, also expressed support for the venture, stating:
"The Midlands Engine Investment Fund II is committed to supporting ambitious businesses with strong growth potential across the Midlands region. We are pleased to support Lab Thread as it pioneers innovation in data management. We believe this investment will not only drive Lab Thread's growth but also contribute to transforming the sector and enabling wider benefits for other businesses. We look forward to supporting their journey and seeing the business reach new heights."
The legal aspects of the investment deal were handled by Ross McGrath and Peter Mayhew of Shakespeare Martineau, acting on behalf of Mercia Ventures.
