# Susan Armes

> Susan Armes is a seed investor at Scottish Investment Bank backing Biotechnology and Health Care. See 60 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Scottish Investment Bank](https://shizune.co/investors/profile/scottish-investment-bank)
- Location: Glasgow, United Kingdom
- Total investments: 60
- Last investment: Jan 2024
- Lead investor: 22%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/susan-armes-74192221

Susan Armes is a seed investor at Scottish Investment Bank in Glasgow focused on Biotechnology and Health Care. Susan Armes

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 11 | 18% |
| Health Care | 9 | 15% |
| Pharmaceutical | 3 | 5% |
| Machine Learning | 3 | 5% |
| SaaS | 2 | 3% |

56 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 11 | 18% |
| Funding Round | 7 | 12% |
| Venture - Series Unknown | 6 | 10% |
| Series A | 5 | 8% |
| Series B | 2 | 3% |

9 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United Kingdom | 22 | 37% |
| United States | 1 | 2% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Intelligent Growth Solutions | IGS makes platforms that deliver ideal climates for plants and people, based upon a culture of continuous innovation, brilliant, simple design and a refusal to accept conventional technical thinking. | $28.6M | Series C | Jan 18, 2024 |  |
| Bio-Images Drug Delivery | BDD is a specialist drug formulation company providing expertise across all areas of drug delivery. We offer a full service package to fit individual needs from troubleshooting, formulation development, in vitro and in vivo testing.Our patented time release technology OralogiK provides unrivaled control of drug release at the right place andtime. OralogiK has been validated in numerous clinical studies, enables the oral delivery of single, multi-dose or combination drugs at pre-determined times between one and 12 hours after being swallowed by the patient. This facilitates such benefits as: night time dosing of a drug to be delivered pre-wakeup multi-phased delivery of one or more drugs (immediate and delayed) to allow once-a-day dosing or for pre-treatment by one drug before the delivery of a second delivery of drugs to a specific regions of the digestive system (e.g. the colon) BDD also specialize in gamma scintigraphy, a powerful and versatile technology used to investigate the in vivo behaviour of your formulation. Coupled with pharmacokinetic data, this technique can be used to provide information on time /site of disintegration, gastric emptying, GI transit and intra/ inter individual differences.Our clinical division provides a full clinical package, including protocol development, study documentation design and regulatory authority submission, through to close out and production of ICH GCP-compliant clinical study report. | $2.5M | Venture - Series Unknown | Aug 16, 2023 |  |
| Pneumagen | Pneumagen focuses on developing glycan targeted carbohydrate-binding modules (CBMs) as a new universal therapeutic modality for the treatment of respiratory tract infections (RTIs) and cancer. Founded in 2016, the Company is a spin-out from the University of St Andrews in Scotland and has access to world-class scientific expertise and capabilitiesin glycobiology. | $10M | Venture - Series Unknown | Jun 01, 2023 |  |
| Causeway Therapeutics | A bio pharmaceutical spin out emerging from the University of Glasgow, working in the orthobiologic therapeutic space. Intellectual property has been generated via academic research demonstrating a proven mechanistic reasoning for the use of a microRNA therapy in the treatment of tendinopathies. | $10.5M | Venture - Series Unknown | Feb 22, 2023 |  |
| Dxcover | Dxcover is a clinical-stage liquid biopsy firm that is developing diagnostics for the early diagnosis of numerous malignancies, when treatment has a better possibility of having an influence on outcomes. The business was the first to use infrared spectroscopy of circulating pan-omic indicators to detect and identify cancer. The business hasgenerated compelling clinical data on the diagnosis of Stage I and Stage II malignancies with high accuracy.Dxcover was established in 2016 in Glasgow, Glasgow City by David S Palmer, Holly Butler, and Matthew Baker. | $9.3M | Series A | Feb 01, 2023 |  |
| Pneumagen | Pneumagen focuses on developing glycan targeted carbohydrate-binding modules (CBMs) as a new universal therapeutic modality for the treatment of respiratory tract infections (RTIs) and cancer. Founded in 2016, the Company is a spin-out from the University of St Andrews in Scotland and has access to world-class scientific expertise and capabilitiesin glycobiology. | $5.2M | Venture - Series Unknown | Jan 19, 2022 |  |
| Sunamp | Sunamp is a company that provides industrial and residential heat battery storage systems using phase change materials. Its heat battery technologies are cost-effective, highly compact, stable, non-toxic, and IoT-enabled and are designed to provide a clean and efficient thermal energy storage solution.It was founded in 2006 by Andrew Bissell andis headquartered in Macmerry, East Lothian, Scotland. | $8.2M | Convertible Note | Sep 22, 2021 |  |
| ENOUGH | ENOUGH is a technology spin-out company from the University of Strathclyde established to develop and commercialise novel patented technology which transforms the production economics for the meat-free food product mycoprotein by integrating the production within existing bio-refinery operations producing bio-ethanol and animal feed (DDGS). Thisgives integrated fermentation production of Food, Fuel and Feed. ​ | $49.9M | Series B | Jun 20, 2021 |  |
| Pneumagen | Pneumagen focuses on developing glycan targeted carbohydrate-binding modules (CBMs) as a new universal therapeutic modality for the treatment of respiratory tract infections (RTIs) and cancer. Founded in 2016, the Company is a spin-out from the University of St Andrews in Scotland and has access to world-class scientific expertise and capabilitiesin glycobiology. | $3.4M | Venture - Series Unknown | Jan 21, 2021 |  |
| Bio-Images Drug Delivery | BDD is a specialist drug formulation company providing expertise across all areas of drug delivery. We offer a full service package to fit individual needs from troubleshooting, formulation development, in vitro and in vivo testing.Our patented time release technology OralogiK provides unrivaled control of drug release at the right place andtime. OralogiK has been validated in numerous clinical studies, enables the oral delivery of single, multi-dose or combination drugs at pre-determined times between one and 12 hours after being swallowed by the patient. This facilitates such benefits as: night time dosing of a drug to be delivered pre-wakeup multi-phased delivery of one or more drugs (immediate and delayed) to allow once-a-day dosing or for pre-treatment by one drug before the delivery of a second delivery of drugs to a specific regions of the digestive system (e.g. the colon) BDD also specialize in gamma scintigraphy, a powerful and versatile technology used to investigate the in vivo behaviour of your formulation. Coupled with pharmacokinetic data, this technique can be used to provide information on time /site of disintegration, gastric emptying, GI transit and intra/ inter individual differences.Our clinical division provides a full clinical package, including protocol development, study documentation design and regulatory authority submission, through to close out and production of ICH GCP-compliant clinical study report. | $1.5M |  | Dec 15, 2020 |  |

10 of 60 investments shown.

## Co-investors
- [Par Equity](https://shizune.co/investors/profile/par-equity) — VC Fund, 20 deals together
- [Equity Gap](https://shizune.co/investors/profile/equity-gap) — VC Fund, 18 deals together
- [Archangels](https://shizune.co/investors/profile/archangel-informal-investments-limited) — VC Fund, 7 deals together
- [TRI Cap](https://shizune.co/investors/profile/tri-cap) — VC Fund, 6 deals together
- [TRICAPITAL](https://shizune.co/investors/profile/tweed-renaissance-investors-capital) — VC Fund, 6 deals together
- [Old College Capital](https://shizune.co/investors/profile/old-college-capital) — VC Fund, 5 deals together

## About Scottish Investment Bank

VC Fund · Glasgow, United Kingdom

They help companies to identify appropriate sources of finance, engage with funders and secure the investment they need to grow their business.They work closely with their portfolio companies to strengthen their management teams, make connections and accelerate growth.Their work also involves aiming to increase the supply of finance forbusinesses in Scotland. they want to help Scottish SMEs with growth and export potential to get this finance.Apart from supporting Scottish businesses, they also work with UK and international investors. This includes working with business angels, angel syndicates, venture capital groups and corporate investors.They operate across Scotland in partnership with Highlands and Islands Enterprise. Because their work supports and stimulates the SME funding market in Scotland, what they do supports the delivery of the Scottish Enterprise business plan.

3 contacts available at Scottish Investment Bank.

| Name | Title | Profile |
| --- | --- | --- |
| Crawford Gillies | Chairman | https://shizune.co/investors/profile/crawford-gillies |
| Jeremy Peat | Enterprise Board | https://shizune.co/investors/profile/jeremy-peat |
| Susan Armes | Head of the Scottish Investment Bank | https://shizune.co/investors/profile/kerry-sharp |

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does Susan Armes invest in?

Susan Armes invests primarily in Biotechnology, Health Care and Pharmaceutical startups, most often at Seed and Funding Round stage. Most of the 60 investments tracked by Shizune back companies in United Kingdom. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Susan Armes last invest?

The most recent investment recorded for Susan Armes closed in Jan 2024. Shizune tracks 60 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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