The funding was co-led by existing investors Oxford Capital Partners, Imperial Innovations and NESTA. The proceeds will be used to develop new products.

Veryan’s legal adviser was Alexander Paterson, a partner at Dorsey & Whitney, who has advised the company since it was established in 2003.

“The deal involved the usual challenge of meeting client expectations to finalise the legal documents in tight timescales, to get the new money on board as soon as possible,” Paterson said. “Overcome by dedication to task and long hours.”