Midven invests in Eagle

The GP invested in the company via its Rainbow Seed Fund, which is a £13m, state-backed evergreen fund that typically makes investments in the £25,000-500,000 range.

The capital injection is the first stage of a planned £1m funding round for the company. The balance will be raised within three months, according to Eagle. The transaction also marks the first funding round for the company.

Abcam CEO Jonathan Milner took part in the round alongside Midven, as well as members of the London Business Angels and Cambridge Capital Group syndicates.

The fresh capital will be used by Eagle to finance further development of its software-as-a-service (SaaS) subscription platform, ElasticAP. The company also hopes to use the funding to branch out further into the consumer goods, food safety and animal health sectors for its bio-informatics software products.

Company
Founded in 2008, Eagle is headquartered in Cambridge with representatives in the US, Germany and India. The company is believed to have generated revenues of £700,000 in 2011/12 and is expecting sales of approximately £2m for 2013.

Eagle provides genomics analysis workflow software to clients who are seeking to use genomic data to discover new products, such as drugs and personal hygiene products. The company specialises in using cloud computing and next-generation sequencing data to aid its clients in their research and development activities.

Eagle's current product in development, ElasticAP, is a SaaS subscription platform that will allow customers to analyse data via cloud-based computing.

People
David Flanders is the CEO of Eagle. Midven director Andrew Muir and investment director Mark White manage the firm's Rainbow Seed Fund.

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