DIGITAL chemistry specialist DeepMatter has increased sales and narrowed losses after the coronavirus crisis boosted interest in its technology.
The Glasgow-based company grew sales by eight per cent last year, to £1.3m, from £1.2m in the preceding year.
It lost £2.4m compared with £3m last time.
Chief executive Mark Warne said the company had made considerable progress against a challenging backdrop.
READ MORE: Glasgow technology pioneer wins vote of confidence from English university
While the coronavirus crisis caused short-term disruption in key markets it also underlined the benefits of the technology developed by DeepMatter. The company’s Digital Glassware allows people to record the details of complex experiments digitally so that they can be shared with other users online.
It reckons this can help speed up processes such as drug development, while helping users operate in a socially distanced way.
“While COVID-19 significantly disrupted the pharma industry, it has also, as with many industries, shone a light on the need for accelerated digitalisation,” said the chair of the company Karen Bach.
She added: “Throughout the year we have seen an increased awareness of the benefits technology can lend to drug discovery and this trend will only gain further traction in the coming years, providing a growing opportunity for DeepMatter’s product offerings and technology platform.”
DeepMatter has boosted its sales and marketing capabilities in the belief that there is potential to win sales around the world, and to grow its presence in markets such as contract research and agriscience.
READ MORE: Technology firm doubles staff numbers as coronavirus crisis speeds sigital revolution
The company had £2.6m cash at the year end. It raised £2.1m from investors in July, at 1.5p per share, to help fund a push for growth.
DeepMatter employs 17 people in Glasgow. It was spun out of the University of Glasgow by Lee Cronin in 2014.
Shares in the Aim market-listed firm closed down 0.15p at 1.95p.
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