Eluceda completes £1.1 million institutional fundraising to accelerate growth

Eluceda, the authentication and detection solutions company, has completed a £1.1 million institutional fundraising. The new funds will be used to build out the Company’s management and technical staff, enabling Eluceda to accelerate its growth plan.

Eluceda has built its position as an international authentication and detection solutions company serving the anti-counterfeiting and bacterial detection industries in markets such as food and beverages.

Backed by its strong IP, and with operations in the UK and US, the Company’s technology delivers fast, affordable, simple to use “lab in your hand disruption” i.e., providing lab quality results in the field in near real time with customers able to upload results into databases for subsequent action and analysis.

Eluceda has received strong investment support due to its long-standing customer relationships where it protects their brands, supports revenue generation and maintains consumer health.

Matthew Harte, CEO of Eluceda, said: “I’m delighted with the significant interest Eluceda received as part of this fundraising and welcome our new shareholders.

“We have a clear strategy in place to drive organic growth in our existing markets of anti-counterfeit, bacterial detection and diagnostics and have already made a great deal of progress both in terms of creating a truly differentiated offering and working hand-in-hand with some of the largest companies in the sectors that we serve.

“The markets we operate in are large, global, are growing strongly and Eluceda is in a good position to accelerate its growth trajectory with the proceeds from this fundraising.”

 

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