Vimeo logo LinkedIn logo

News

Header icon
Back to News Medical testing and vials

17th June 2021

Foresight invests £300k from the Midland Engine Investment Fund into ReadyGo Diagnostics Limited

  • Growth capital to further develop technology that provides rapid, accurate testing for infectious diseases, including COVID, at the point of care
  • Investment supports opening of a new laboratory, build out of the management team and commercial development
  • The fifth investment this year by Foresight from the Midland Engine Investment Fund

17 June 2021: Foresight Group (“Foresight”), a listed private equity and infrastructure investment manager, is pleased to announce a £300k growth capital investment from the Midlands Engine Investment Fund (“MEIF”) into ReadyGo Diagnostics Limited (“ReadyGo”), a start-up diagnostics business.

The pandemic has highlighted the need for a simple, self-administered test that produces rapid, accurate results. ReadyGo has developed a pen-like device that has been adapted to help with COVID-19 detection. The device allows for testing of multiple infections, including distinguishing between coronavirus and influenza, and also testing for viral conjunctivitis, herpes and dengue fever.

The diagnosis is carried out on the spot, with a 90-95% sensitivity. If successfully developed, ReadyGo’s pen has the low cost, speed and ease of use of a lateral flow test but has an accuracy comparable to more expensive and time-consuming lab-based style tests.

The total of investment of £780,000 (£300,000 from MEIF and £480,000 from management and a consortium of private investors) will allow the company to focus on the development of the technology, build out the management team and potentially establish relationships with complementary strategic partners.

ReadyGo was formed in 2019 by co-founders Ben Cobb, Mike Catt and Mike Pearson. As part of MEIF’s investment strategy, ReadyGo, will open a laboratory at Colworth Science Park in Bedfordshire, an established centre of scientific expertise. The company expects to create around 20 highly skilled jobs over the next few years as it continues to grow.

Commenting on the investment, Chief Executive Officer and pen inventor Ben Cobb, CEO of ReadyGo said: “ReadyGo has been launched to innovate solutions for self-testing including over-the-counter tests for infectious diseases such as COVID-19. I am greatly excited that Elaine Warburton, John Clarkson, Michael Catt and Michael Pearson have joined ReadyGo’s Board with the goal of achieving a fundamental change in the way molecular diagnostics can be delivered”.

Adam Huckerby, Investment Manager at Foresight, added: “We are excited by the opportunities presented by ReadyGo. We are pleased to be supporting the management team which has a vast amount of experience, networks and resources to deliver these innovative devices to the market”.

Grant Peggie, Director at the British Business Bank, said: “The MEIF is driving innovation across the Midlands and with this latest investment is helping to bring new diagnostics technology to market. As a result of the investment, the Fund is also contributing to the creation of new skilled jobs, with ReadyGo set to open a new laboratory in Bedfordshire – cementing the region’s growing reputation as a science superpower.”

Vicky Hlomuka, SEMLEP’s Growth Hub Manager, added: “At SEMLEP, we’re passionate about turning innovative ideas into a reality. It’s great to hear about the Midlands Engine Investment Fund supporting Bedfordshire-based business, ReadyGo, to do just that. The pandemic has changed the way we do businesses. ReadyGo has utilised the changing landscape to creative a forward-thinking solution, helping our communities on the route to normality.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area

small business loans

Small Business Loans

£25k – £150k

Small Business Loans pageLearn More
debt finance

Debt Finance

£100k – £1.5m

Debt Finance pageLearn More
equity finance

Equity Finance

£50k – £2m

Equity Finance pageLearn More
proof of concept

Proof of Concept

Up to £750,000

Proof of Concept pageLearn More
For the latest news and views join our mailing list
Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information