Breath diagnostics firm Owlstone secures £22m funding boost
Diagnostic technology company Owlstone Medical has raised $27 million (£22m) in Series E financing to advance its breath-based testing platform for early disease detection, with particular focus on lung cancer, liver disease, and digestive disorders.
Billy Boyle, Owlstone Medical CEO and co-founder
Strategic expansion targets clinical trials
The Cambridge-based company’s latest funding round was led by Ventura Capital, with participation from Aviva Ventures, the Gates Foundation, and Horizons Ventures. The investment will support ongoing development of Owlstone’s proprietary Breath Biopsy platform, alongside clinical trials and commercialisation of diagnostic tests.
Clinical focus on major disease areas
Central to Owlstone’s development programme is their work on early-stage lung cancer detection, targeting the world’s leading cause of cancer mortality which claims 1.8 million lives annually. The company is conducting in-human clinical trials for a screening test using their breath analysis technology.
The funding will also accelerate development of their LIBRA test, designed for primary care and home diagnosis of chronic liver diseases, which are responsible for over two million deaths worldwide each year. Additionally, resources will support the commercialisation of the OMED Health Breath Analyzer, a portable device targeting digestive diseases that affect approximately one billion people globally.
Commercial partnerships strengthen market position
Recent strategic partnerships have bolstered Owlstone’s position in the diagnostic sector. Mo El Husseiny, Founder and Managing Partner at Ventura Capital, highlighted collaborations with significant institutions: “Our initial thesis has been confirmed through Owlstone’s recent partnerships with the U.S. Department of Defence, the Gates Foundation, and the FDA.”
The company has achieved regulatory milestones, with products now approved in both US and UK markets. Tom Grant, Head of Venture Investments at Aviva Investors, noted the company’s progress since their previous funding round, particularly in developing their Breath Biopsy platform and VOC Atlas database.
Future growth trajectory
Owlstone’s CEO and co-founder Billy Boyle emphasised the significance of continued investor support: “Testament to the power of Breath Biopsy is the continued strong support we continue to enjoy from our investors. The funds closed will enable us to progress our business to the next stage, advancing clinical trials and supporting the launch and commercialisation of our pipeline of unique breath tests.”
The funding represents a significant step in Owlstone’s development of non-invasive diagnostic solutions, particularly as healthcare systems globally seek more efficient and accessible testing methods. The company’s focus on three major disease areas – lung cancer, liver disease, and digestive disorders – addresses significant unmet clinical needs where early detection could substantially improve patient outcomes.
Market impact and clinical implications
With their Breath Biopsy platform now reaching commercialisation stage, Owlstone’s technology could potentially transform diagnostic pathways in primary care settings. The development of point-of-care devices, particularly the OMED Health Breath Analyzer, suggests a move towards more accessible diagnostic tools that could reduce the burden on secondary care services while enabling earlier disease detection.
The investment from established healthcare and technology investors, including the Gates Foundation, indicates growing confidence in breath-based diagnostics as a viable clinical tool. As regulatory approvals continue in key markets, the technology’s integration into clinical practice could offer new opportunities for disease screening and monitoring across multiple therapeutic areas.
