£130,000 boost for consultancy venture

Jun 23 2008 by Karen Dent, The Journal

A DURHAM University spin-out business has won £130,000 of investment.

LyraChem, a chemical consultancy that specialises in improving process development, received the funding from Three Pillars Fund Investment and additional money from its members to relocate to a new base at Newcastle University, so combining expertise from the two North East universities.

The investment group specialises in supporting early stage businesses in energy, the process industries and health and health sciences.

LyraChem employed three people when it was set up 2006 and now has a team of 10 to cope with new business.

Chief executive Dr Carl Thirsk, said: “We aim to bridge the gap between chemistry and chemical engineering. We identified a gap in the market... and with the unique skills, expertise and technology LyraChem can offer here in the North East, there’s a real opportunity to achieve commercial success.”

Law firm Muckle LLP provided advice on the deal. A spokesman said: “We’ve been working with LyraChem since its inception and it’s great to see the company and its team move on to the next stage of its growth. It’s always extremely satisfying to see and be part of a business’s success story.”