Today marks two years to the day that myself and Camillus Glover, our quiet CFO, climbed aboard the Integumen roller-coaster. At the time it was in a troubled state, but we took it on and turned it around.
Five employees have turned into 29 which includes five consultants and our York Biotech Campus back in 2018 was just 924 square feet laboratory, is now 6,000. Multiple partners in multiple universities, working on multiple projects, including a COVID19 virus detection solution for wastewater, also play a major role in our expansion plans.
These projects will be filtered down through the ecowaterOS consortia made up of a supply chain from raw materials, through contract manufacturing, local, regional, national and international partners. Some I can name like Avacta, Aptamer Group, Modern Water, NIMBUS Cappa and Water Rising Institute with many I can?t for now.
Labskin was not the core revenue generator in 2018, but it is integral to all aspects of the business today, from servicing top twenty skincare and healthcare clients, to the production of bacteria that is a shared revenue stream in partnership with Modern Water. Their 30-year-old Microtox brand is the gold standard water contamination detection test with more than 3,000 installations around the world.
Rinocloud, acquired in May 2019 has helped transform the company, bringing the technology to another level with the integration of AI across all subsidiaries and creating value, as well as lowering costs for all our clients, but at the same time increasing revenue per client. All down to data.
So where do we go from here? We are sitting on plenty of cash for development and to maintain our growth, having said many times we would use debt to fund growth, when available.
Our partners are extremely valuable to us. We constantly work to make their companies better for them and we receive a lot in return.
This is now a COVID-19 world, so we adapt and adopt to be in the right place when opportunities come our way. Such is the case in detecting the virus when we enlisted the real-time detection of our already proven RAWTest AI bacteria identification system, developed over the last 4 years.
We are working with Avacta and Aptamer Group, using their proven virus capture binding agents on our nano-technology level, laser-based detection system. All proven technologies and techniques long before we pulled them together. No reinvention of any wheel.
Our future is in the Group teams who enable us to drop our developments into the under-exploited sales, marketing, and distribution channel of Modern Water. And, by creating Labskin as central to the formation of the Skin Microbiome Industry Group, setting international standards for skincare product testing on 4 continents, supported by artificial intelligence.
Our objective on COVID-19 is to help open the economy back up, solving societal problems far too big for an individual company to do alone, in our comfort zone of collaboration, cooperation, and revenue share.
?we are only at the end of the beginning.
Gerard Brandon is CEO of Integumen plc, Chairman of Modern Water plc and this article was originally published on the Integumen
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