Diagnosing success: Supporting iFast through their £5M seed round

Spun out from the University of Southampton, iFast Diagnostics was founded to tackle one of the most urgent challenges in modern medicine: antimicrobial resistance. Their revolutionary diagnostic system delivers antimicrobial susceptibility testing results in under three hours—a dramatic improvement over the current 48- to 72-hour standard. To accelerate development and launch, iFast sought additional funding, building on their £2M pre-seed round in 2023.

Having worked with Jas Bhogal, Corporate Partner, on their first funding round, iFast turned to us again to guide them through the legal complexities of securing their £5M seed investment. This milestone round, led by KHP Ventures, a medtech-focused fund backed by the NHS, also drew new investors, including EInk, RAW Ventures, and OKG Capital, alongside continued support from backers like Qantx and UKI2S.

Over several years, we’ve developed a strong relationship with iFast as part of our Enable subscription service, supporting them through various commercial matters. This continuity gave us a deep understanding of their business, enabling us to deliver tailored advice that met both their immediate needs and long-term goals.

For this latest funding round, our team, led by Senior Corporate Solicitor Jenni Ferguson, managed all legal aspects, from advising on the term sheet to negotiating the transaction documents and ensuring compliance with EIS tax relief requirements. Toby King, Founder of iFast, reflected:

Funding rounds inevitably come with unexpected hurdles, and Jenni’s pragmatic, responsive approach was invaluable. She quickly found solutions - even at unconventional hours - which kept everything on track.

For Jenni, working with iFast has been especially rewarding:

Toby’s clear vision and adaptability made collaboration seamless. It’s exciting to support a project that could save countless lives.

The secured funding will allow iFast to launch its diagnostic system in mid-2025, starting in the UK and expanding into the EU and US markets. Their rapid rollout is already gaining momentum, with Imperial College committed to a commercial evaluation of the technology. As iFast looks ahead, they aim to become a globally recognised leader in diagnostics.

Our goal is to build a British diagnostics company of scale, one that leads in innovation and impact, whether independently or as part of a larger entity,

Reflecting on the funding journey, Toby offered advice for other founders:

Don’t underestimate the importance of preparation and flexibility. From building a solid business case to managing investor expectations, clarity and persistence are vital. Surround yourself with a supportive team, and choose advisors who truly understand your mission.

With their funding secured, a clear mission, and a growing network of collaborators, iFast is well on its way to achieving its ambitious goals. Their success highlights the power of innovative technology, expert legal support, and a trusted partnership.