Axol Bioscience has raised £2.1 million to support its next phase of growth, with the funding round led by US life sciences investor BroadOak Capital Partners and backed by founding investor the Roslin Foundation.

The Edinburgh-based firm, which develops induced pluripotent stem cell (iPSC) technologies for drug discovery and disease research, will use the investment to expand its US commercial presence and scale up manufacturing at its Roslin Innovation Centre base.

It also plans to develop enhanced neuroscience, ophthalmology and cardiovascular disease models.