Strathclyde spin-out company Dxcover has won the Deal of the Year (sub £10 million) award at the Insider Scotland Dealmakers Awards 2025, in recognition of a £5 million equity raise supporting its expansion into the United States.
Founded in 2019 from research at the University of Strathclyde’s Department of Pure and Applied Chemistry, Dxcover is pioneering early cancer detection through a diagnostic platform that combines multi-omic spectral analysis and artificial intelligence. The recent investment is supporting its commercialisation plans and growth into international markets, including a new base in Nashville, Tennessee.
Substantial investment
Judges described the deal as “a significant step in the evolution of the business from university spin out to raising substantial investment from private, public and charitable investors to fund international expansion into the US.”
Professor Matthew J Baker, Dxcover Co-Founder, CEO and President, said: “We have a clear and deliverable mission; to democratise cancer care as a global leader in liquid biopsy and artificial intelligence and detect cancer earlier to improve survival rates and quality of life.
“The funding we have received to date enables us to continue to pursue this mission, and this award should help provide future investors with the confidence they need to support us in our growth strategy.”
Strathclyde Inspire
The University remains an investor in the business through the Strathclyde Inspire Investment Fund and Catherine Breslin, Head of Industry Engagement & Commercialisation for Strathclyde Inspire, said:
We are proud to continue to support Dxcover, with this award marking a major milestone in in their journey from research innovation to an international diagnostic company.
The Scottish award winners will go forward to compete against their peers from England, Wales and Northern Ireland at the UK Dealmaker Awards in February 2026.
The company’s technology aims to revolutionise how solid tumours are detected, offering a significant advance in the early diagnosis and treatment of cancer.