Dyneval, the Roslin-based biotechnology start-up, has secured more than £1.8 million of funding from investors as it expands its team and gears up to launch its first product at the start of 2022.

The company has raised £1.29 million of Series A equity investment through a collaborative funding round, which included Northern Irish entrepreneur Jim Dobson of Cottagequinn Enterprises Ltd, Kelvin Capital, Par Equity, Gabriel Investments, and Scottish Enterprise.

As part of the funding round, Dyneval also won a £575,000 grant from InnovateUK under its Transforming Food Production Series A Investor Partnership. Earlier this year, the company won the Industrial Biotechnology Innovation Centre (IBioIC) Edge award of £100,000 at the Scottish Edge competition, supporting the development of its first product, Dynescan.

Set to launch in January 2022, Dynescan aims to improve cattle conception rates, which have fallen by 20% over the past four decades costing the average dairy farmer in the UK around £37,000 per year.

Dynescan is a portable instrument that provides reliable measurements of livestock semen quality, ensuring only the right samples are used for reproduction. Independent analysis suggests that if conception rates can be elevated by 27%, the carbon footprint of farming could be reduced by up to 20%[1].

The company is now recruiting seven more people to join its team over the next few months.

Tiffany Wood, CEO at Dyneval, said: “The Series A funding will be critical to launching our product and growing our team – it is an incredibly exciting time for our business. Dyneval’s technology is automated and easy to use so that anyone can check semen quality, from the time it leaves a genetics company, during storage on farm, and prior to insemination by a technician.  Through regular checks, our tool will improve the quality, handling and storage procedures for semen across the livestock production industry.”

Jim Dobson said: “Dyneval met our criteria of being an early-stage company, looking for smart money with a focus on a solution that is a clear win for agri-production, not only in the UK, but globally. We look forward to an exciting journey with a great team in Dyneval as they aim to address key challenges in the agri-food supply chain.”

Liz Fletcher, director of business engagement and operations at IBioIC, said: “We are proud to have supported Dyneval in its journey so far and are pleased to see the company attract substantial funding from a group of venerable investors. The company is delivering world-leading innovation that could make a significant difference to the agri-food supply chain, and the drive towards more sustainable farming practices. Dyneval’s technology has global potential, making it a great example of the type of early-stage company we need to support and nurture in Scotland.”

[1] Source: Garnsworthy, Animal Feed Science and Technology, 112, 2004.