# Owlstone Medical

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/owlstone-medical

- Industry: Medical Devices & Equipment
- Headquarters: Cambridge, UK
- Website: www.owlstonemedical.com/
- Total disclosed funding: $42M
- Latest round: Series E (Jan 14, 2025)
- Investors on record: 5

## About

Owlstone Medical, Ltd. is a UK-based company specializing in breath analysis technology for non-invasive diagnostics, particularly in early disease detection, including cancer and respiratory conditions.Founded in 2004 in Cambridge, UK, Owlstone Medical, Ltd. focuses on developing advanced diagnostic solutions through breath analysis. The company has completed 10 deals and recently raised EUR 1.7 million in funding from the Cystic Fibrosis Foundation on March 25, 2025. The firm was co-founded by Billy Boyle and David Alonso, while Bret Bader currently serves as CEO.Owlstone Medical specializes in developing non-invasive diagnostic tests that utilize breath analysis for early disease detection, including cancer and respiratory disorders. Their core offering, the Breath Biopsy®, collects and analyzes volatile organic compounds (VOCs) from exhaled breath to identify health conditions. Key products include the Breath Biopsy Collection Station and the ReCIVA® Breath Sampler, ensuring reproducible sample collection. The Breath Biopsy® OMNI® service offers comprehensive analysis, catering to a global client base comprising research institutions, healthcare providers, and pharmaceutical companies focusing on precision medicine across North America, Europe, and Asia.In the most recent financial year 2024, Owlstone Medical reported a revenue of GBP 4,080,096.80, with an EBITDA of GBP -28,140,923.40. Revenue is generated through partnerships and the sale of diagnostic services, primarily through B2B agreements with healthcare organizations and research entities, reflecting the growing demand for innovative diagnostic solutions in precision medicine.Owlstone Medical plans to utilize the recent funding of EUR 1.7 million to develop a breath-based test for the early diagnosis of Pseudomonas aeruginosa infections, aiming for diagnostic accuracy comparable to traditional sputum culture testing. The company is targeting expansion into new markets, with specific plans to enhance their presence in healthcare sectors across Europe and North America by March 2025.

## Funding rounds

- Series E, Jan 14, 2025, $27M — Gates Foundation Trust, Aviva Investors, Horizons Ventures, Ventura Capital Privado
- Series C, Feb 26, 2018, $15M — Horizons Ventures, Aviva Ventures

## Investors

- Horizons Ventures — Series C, Series E
- Aviva Ventures (https://capitalatlas.ai/funds/aviva-ventures) — Series C
- Gates Foundation Trust — Series E
- Aviva Investors — Series E
- Ventura Capital Privado (https://capitalatlas.ai/funds/ventura-capital-privado) — Series E