Adsilico’s £10m Series A Made Series A 47.24% of Issued Shares

Adsilico’s £10 million Series A is visible in the Companies House record as two large Series A allotments, not one simple financing line. A filing dated 10 September records 953,894 Series A shares allotted on 3 September 2026. A second filing dated 19 October records another 637,646 shares allotted on 5 October. Together, the two issues total 1,591,540 shares, or 47.24% of the company’s 3,369,317 issued shares shown after the second allotment.

That is a share-count finding, not a claim that Series A equals £10 million of paid-in capital or that any particular investor received a particular tranche. The public announcement names PXN Ventures, Northern Gritstone and Parkwalk, while the SH01 returns do not name the subscribers, disclose a valuation or identify the price paid for the Series A class. The register therefore shows the scale of the capital-structure change while leaving the investor-by-investor control map unresolved.

The announcement establishes the commercial event

Northern Gritstone’s announcement on 26 October says it invested £5 million in adsilico, a University of Leeds spinout, as part of a £10 million Series A led by PXN Ventures, with Parkwalk also participating. It describes the company’s Virtual Chimera technology, which combines generative artificial intelligence and physics simulation to test medical devices against diverse virtual patient populations.

The announcement says the funding will extend adsilico’s work from heart models to brain devices and flow diverters, and that the team is expected to grow from 14 to 34 people. Leeds Today’s independent account confirms the £10 million round, the named investors and the product expansion. It also refers to a prior £3.5 million seed round in 2024.

Those public sources answer the commercial question: what happened in the market? Adsilico raised a substantial Series A to expand a virtual-testing platform. They do not answer the legal question: what was actually issued, to whom and with what rights? That answer sits in the filing sequence for ADSILICO LIMITED, company number 14263453.

Two allotments created almost half the issued share count

The September SH01 is the first decisive filing. It records 953,894 Series A shares allotted on 3 September 2026 and reports 2,731,671 shares in issue after the allotment. The October SH01 records a further 637,646 Series A shares allotted on 5 October and reports 3,369,317 shares in issue.

The arithmetic is straightforward: 953,894 plus 637,646 equals 1,591,540. Dividing that total by 3,369,317 gives 47.24%. The second allotment alone represented 23.34% of the issued total immediately before it was filed, calculated as 637,646 divided by 2,731,671.

The denominator is important. The filings report issued shares, not a fully diluted cap table. They do not show options, warrants, convertibles or other rights that might sit outside the issued total. Nor does the percentage tell us what share of the round’s cash was paid on each date. It is a precise way to describe the visible legal share base, not a substitute for a subscription schedule.

The earlier filing sequence gives the capital history some scale. An SH01 dated 26 October 2023 records 99,900 ordinary shares allotted and 100,000 ordinary shares in issue. An SH01 dated 28 February 2024 records 777,777 A ordinary shares allotted and a total of 1,777,777 shares. The 2026 Series A issues therefore sit on top of a capital base that had already moved through two distinct share classes.

The resolution was wider than the shares already filed

The 18 September 2026 written resolutions show that the two allotments were made within a broader legal authorisation. The resolution authorised up to 1,907,790 Series A shares and up to 757,499 ordinary options or shares. It also disapplied pre-emption rights for the relevant authority.

The ceiling matters because the two SH01s do not exhaust it. Subtracting the 1,591,540 Series A shares already filed from the 1,907,790 authorisation leaves 316,250 shares of stated headroom. That does not mean another issue will happen, or that the company has reserved those shares for a named investor. It shows only that the board had legal capacity to issue more shares under the resolution without first offering them on the same terms to existing holders.

This is a financing-architecture point rather than a motive claim. A pre-emption waiver can support staged closings, a negotiated investor group or another corporate action. The public documents do not tell us which explanation applies here. They show the authority, the class and the quantities, but not the subscription agreement behind them.

The distinction is familiar in private-company research. Epoch Blue’s preferred-share filing also shows why a funding headline and a legal share structure should be read together. In both cases, the register adds class and timing evidence that a press release alone cannot provide. It still does not turn a filing into a complete valuation or ownership schedule.

Named investors cannot be assigned to the tranches

The announcement names PXN Ventures as the Series A lead, Northern Gritstone as a £5 million investor and Parkwalk as a participant. It is tempting to divide 1,591,540 shares among those names, but the SH01 returns do not support that step. The forms do not identify individual allottees, cash price, valuation or investor-by-investor allocation.

The source-native PSC record supplies an additional but narrower fact. Northern Gritstone Ltd appears in a 25–50% ownership and voting band from 23 February 2024. Earlier PSC bands for Professor Alejandro Federico Frangi and the University of Leeds ceased around that period. Those notices show that the recorded control picture changed before the 2026 financing. They do not prove that Northern Gritstone received a particular part of the new Series A, that it owns 25–50% of the post-round company, or that any other named investor controls the new class.

The class proportion is therefore the strongest public number. The subscriber map is not. A later confirmation statement or shareholder schedule could identify who holds the Series A and whether the two allotments were separate closings of one round. Until then, mapping PXN Ventures, Northern Gritstone or Parkwalk to the 953,894 or 637,646 shares would exceed the evidence.

The commercial consequence is visible, but valuation is not

For existing shareholders, the consequence is dilution on an issued-share basis. A new class representing 47.24% of the latest issued count materially changes the capital architecture, even though the filings do not disclose the economic rights that sit behind each Series A share. For the new subscriber group, the class is a large legal position created through two dated issues and protected by a pre-emption waiver.

For the company, the filings show optionality. The resolution left 316,250 Series A shares within the stated ceiling and authorised a further pool of ordinary options or shares. That may support future hiring, financing or restructuring, but the documents do not say which use the directors had in mind. The company’s public description of virtual-patient testing and planned hiring explains why it raised capital, not how the share rights will divide future value.

This is also why the £10 million announcement and the 47.24% calculation should not be conflated. The first is a reported financing amount. The second is a legal share-count ratio. Without price, valuation, subscription terms and any option pool, no public source can convert the ratio into a post-money ownership percentage or an implied share price.

The next filing should close the control gap

The next decision-changing document is a post-round confirmation statement or shareholder schedule that identifies the Series A holders and records any transfers or class redesignations. Subscription agreements, completion documents or later accounts could then show whether the September and October issues were staged closings of the announced round, and how the named investors relate to the issued class.

Until that evidence appears, the defensible conclusion is narrow but economically useful. Adsilico announced a £10 million Series A led by PXN Ventures, with £5 million from Northern Gritstone and participation by Parkwalk. Companies House then recorded 1,591,540 Series A shares in two allotments, bringing that class to 47.24% of the latest issued share count. A resolution waived pre-emption and left 316,250 Series A shares within the stated ceiling. The public record still does not identify the subscribers, valuation or final control map.