Mills & Reeve has added to its involvement in money raising for local ventures in Cambridge by securing seed and second round investment for Akubio. The spin-out from the University of Cambridge's chemistry and pathology departments has devised a virus and bacteria detection technology based on sound waves. This series of transactions for Akubio guarantees initial investment of £465,000 and supplementary funding of £750,000. Raising money in two almost simultaneous tranches was essential to navigate the complications thrown up by mixing government-backed funds and private sources of venture capital. This deal marks the first occasion when both the University of Cambridge and its affiliated Challenge Fund have invested in the same spin-out. Minimising risk usually keeps them apart, but both wanted to be involved in what could be a highly lucrative project. Mills & Reeve gained the work as a result of its previous efforts for the University of Cambridge Challenge Fund.