A web-based platform that helps research labs improve monitoring of their inventories and save costs has been developed by a startup business from the University of Cambridge.
Labbridge is seeking a one-time £60,000 investment in return for a negotiable share in the company.
Ankur Mutreja, who handles sales & marketing for the fledgling enterprise, believes poor in-house practices are harming lab efficiency and acting as a cash haemorrhage.
He said: “Billions are spent on scientific research every year worldwide in the hope of initiating better healthcare and innovative technology on behalf of society.
“Other than the staff, laboratory equipment and fiercely expensive chemical and life science reagents form an important component of research work, accounting for a big share of budget.
“From our experience, the absence of a lab inventory management system and lack of equipment and reagent sharing culture is a big problem faced by most labs.
“To confirm this, we did an independent survey including many laboratories in the UK and US, which showed a very keen interest in this platform and gave us confidence that we are positioned in a clear void; filling it will save the researchers valuable time and money.”
The founders of Labbridge – Peng Li, Ankur Mutreja and Min Hu – spotted this gap in the market and worked out a free, one stop web-based platform that will provide innovatively designed tools within a secure database to help scientists manage their day to day lab routine and further extend collaborations.
Other than the research users, Labbridge as a product will be used by laboratory managers, who will monitor the lab inventory to keep track of the levels of kits and reagents and Principal Investigators (PI), who will use this platform to monitor spending and find innovative ways of saving money. The Labbridge solution offers a string of six very user‐friendly tools.
The company plans to integrate Labbridge with the purchasing systems of institutions to broaden their product choice portfolio and make buying easier for the users without the lab losing track of budget.
Labbridge won £1k in the university’s CUE Challenge and also made the shortlist for the £5k finals. It also secured a place at the national finals of the PWC and Bright Futures Business Champions competition.
Ankur Mutreja said: “Our initial idea has now developed into a highly exciting business proposition. To bring Labbridge to life, we need a one time £60,000 investment in return for a negotiable share in the company.
“According to our very conservative estimates regarding the number of users and companies advertising with us, we believe that an investor can expect a healthy return on the investment at the end of four years.
“The team are highly motivated entrepreneurs and are being advised by three very experienced mentors in every aspect of the business. Labbridge is currently inviting any investor interested in the business to get in touch, be a part of and strengthen the team, which is already an amalgamation of all the skills needed for this business to be a success.”
• Photograph shows: (left to right) Peng Li, Min Hu and Ankur Mutreja