Edinburgh-based molecular diagnostics company MI:RNA has announced the completion of an oversubscribed funding round, raising $3.6 million (£2.7m) to accelerate the firm’s future expansion and commercial progress.

Having achieved a $4 million (£2.9m) Series A in July 2024, this latest funding round attracted participation from existing investors, including NovaQuest, Scottish Enterprise, Kyoritsu Holdings Corporation, VANE (Angel Syndicate), Animal Health Angels, Equity Gap and Gabriel, as well as new investors Holstein UK and AniVC.

The Scottish biotech, which uses biomarkers and advanced modelling to diagnose veterinary disease earlier, said that the return of established investors reflected industry confidence in its early disease detection technology, commercial strategy, and international presence.

As well as partnering with lab networks across the UK and EU, MI:RNA celebrated the opening of a new research lab facility at the University of Georgia in the US last year, an expansion the firm said had led to development and validation work with even more collaborators.

“The opportunity to deploy our diagnostic platform globally through our partner laboratories is taking shape, and this positive support from our investors not only validates the strength of our technology and market approach, it also accelerates our continued development and technological advancement as we work to bring critical diagnostic solutions into the hands of those who need them most,” said Eve Hanks, MI:RNA CEO and founder.

“This is a positive milestone for us that will allow us to scale more quickly, as we work to give animals longer, healthier lives.”

MI:RNA has grown to a team of thirty-six working across the UK, EU, APAC and the US, and most recently welcomed a new chief veterinary officer, Dr Natalie Marks, in October.

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The company has also appointed a new COO, Rose Jenkins, set to join the firm in January, bringing with her over 25 years of strategic and operational leadership across complex public and private sector organisations, which will be used to guide MI:RNA in its ambition to move towards a fully commercialised offering.

This latest funding boost will go towards accelerating the firm’s growth in partnership with key multinationals working at the forefront of animal health, with MI:RNA looking for opportunities to further advance its flagship diagnostic platform.

“The continued overwhelming support of MI:RNA  is a testament to the promise of this company, the team, and this innovative platform,” said Brian Axe, Partner from existing investor NovaQuest Capital Management.

“We are excited to see this technology deployed in the market.”