Owlstone Medical Limited $15 Million Series B Funding Round


Baker Botts Represents Aviva Ventures on the deal

Aviva Ventures, Horizons Ventures and existing shareholders have invested US $15m in Owlstone Medical Limited as part of a Series B funding round.

Owlstone Medical is developing breath tests for the early detection of lung and colorectal cancer. These are two of the most common cancer killers worldwide and represent multibillion dollar market opportunities. The company has an active clinical diagnostics/screening pipeline including the world’s largest breath-based clinical trials. The Breath Biopsy platform is also being deployed in the PAN cancer trial, a collaboration with Cancer Research UK studying the early detection of eight different cancer types in breath.

The company also sees a significant role for Breath Biopsy in precision medicine, where it can provide dynamic information about a patient’s disease activity and identify patients most likely to respond to a particular therapy. Breath Biopsy aims to ensure that the right therapy is given to the right patient at the right time, helping to improve patient outcomes and reduce healthcare costs.

Owlstone Medical’s Breath Biopsy® platform is creating a new industry category, based on the routine detection and analysis of volatile organic compound (VOC) biomarkers in breath, which has the potential to revolutionize healthcare. The award winning ReCIVA Breath Sampler is the first standardized breath collection device designed to capture the VOC biomarkers present in breath, which are then analyzed using Owlstone Medical’s Breath Biopsy services and products.

The company has raised a total of $38.5 million in equity financing, and is headquartered in Cambridge, UK.

Aviva Ventures operates as a venture capital firm. The Company, led by Ben Luckett, Shahid Mian, Ant Barker, Fernand Lendoye and Everett Leonidas, makes investments in early-stage businesses that have the potential to transform the insurance industry.


Baker Botts advised Aviva Ventures with a team including Neil Foster ( PIcture), Tim Davison and Sarah Melaney.

Involved fees earner: Neil Foster – Baker Botts; Tim Davison – Baker Botts; Sarah Melaney – Baker Botts;

Law Firms: Baker Botts;

Clients: Aviva Ventures;

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