A Reading based company, which is making pioneering advances in the way people with diabetes test their blood glucose levels, has received funding from the Thames Valley Berkshire (TVB) Funding Escalator to help the business expand and create new jobs.
Lein Applied Diagnostics has developed a range of patented technologies which has applications in diabetes care and other medical and pharmaceutical fields, as well as in industrial environments where extremely precise, non-contact measurements are required.
An expert in micro-optics, co-founder and CEO, Dan Daly started Lein in 2003 with the aim of applying advanced optical measurement techniques from the telecoms industry to the medical device market. Initial work focused primarily on the development of their non-invasive blood glucose testing tool, which remains at the core of their business. The small handheld meter, which is still in development, will put an end to the current ‘finger stick’ method of breaking the skin on the fingertip and drawing blood, instead needing the user to simply look into the device, whereby the blood glucose reading is taken from the eye.
The funding from the TVB Expansion Loan Scheme will be used to support further product development in addition to sales and marketing activities for the company’s thriving high resolution measurement business, enabling further expansion into international markets. This will create eight new roles and bring further economic benefits to the Reading area.
Dan says: “This funding has come at a crucial time as we capitalise on the commercial opportunities open to us. We have found there is a growing demand for our products – both in terms of new customers and existing customers highlighting how further development work could open up wider markets.”
Ian Baker, Senior Fund Manager at The FSE Group, which manages the Funding Escalator on behalf of TVB Local Enterprise Partnership comments: “Over the past ten years Lein has undertaken extensive research and development, resulting in an extensive patent portfolio. Having worked with the company since 2004, we are excited to now be supporting them to fully exploit potential markets and develop a sound platform for rapid growth.”
The TVB Funding Escalator is a £7.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which includes an expansion loan scheme, a commercialisation loan scheme and a growth fund, provides eligible companies – from start-up to established – with loans and equity funding between £25,000 and £250,000 for activities that will deliver high-growth and employment opportunities.
To date the escalator has helped seven Berkshire businesses create 40 new jobs for the county.
For more information about the Thames Valley Berkshire Funding Escalator, please visit www.thefsegroup.com/thames-valley-berkshire-funding-escalator or contact Ian Baker firstname.lastname@example.org tel: 01276 608517.