A Merseyside-based surgical training technology company is set for major expansion after a $7 million investment.
Inovus Medical, which was established in 2012 and is based in St Helens, said the round was led by $6.2 million from Norgine Ventures.
The investment follows an initial investment of $1 million from Mercia Asset Management and high net worth investors in late 2018.
READ MORE: Victorian Plumbing braces for ‘modest’ sales growth as inflation bites
The company also secured a £500,000 investment from NPIF, Mercia Equity Finance in 2019.
Inovus Medical said all original investors retain stakes in the business.
The latest investment will be used to expand the company’s direct commercial presence in key international markets, strengthen its global customer support capability and “significantly increase” the capacity of its internal development teams.
Dr. Elliot Street, co-founder and CEO of Inovus Medical, said: “We are extremely pleased that the team at Norgine Ventures has joined us in our mission to become the global partner in surgical education.
“In addition to the acceleration of our scaling activities that this funding brings, we are fortunate to have the support of Norgine Ventures and all the market knowledge and expertise that such a partner adds.
“With every interaction with the Norgine Ventures team, it was clear that they understood and supported our vision to drive a paradigm shift in how we train surgeons to improve surgical care, this promises to be a exciting partnership ahead.”
Norgine Ventures is backed by Norgine, a private European healthcare company with 116 years of pharmaceutical experience.
Peter Stein of Norgine Ventures added: “The surgical training technology and digital surgery sectors represent an exciting growth opportunity.
“Norgine Ventures is thrilled to back what we believe is differentiated technology and a team with deep industry knowledge that has a proven track record of delivering sustainable growth.”
The investment follows the launch of the company’s high fidelity laparoscopic simulation platform, LapAR in 2020.
It was developed under a $1.5 million product development contract from SBRI Healthcare and has been adopted by several national training schemes, NHS hospitals such as Guys and St Thomas and Cambridge University Hospitals and the medical technology giants Olympus and Ethicon.
Mark Wyatt, Chief Investment Officer at Mercia Asset Management, said: “We are pleased to see the investment made by NPIF catalyzing new investment and job creation. It is nice to see international investors attracted to the region by the quality of the companies that NPIF has played. a role in development.
“It’s a testament to the hard work, talent and vision of everyone involved at Inovus, and we look forward to seeing them continue to grow following this significant injection of capital.”
Steve Rotheram, Mayor of Liverpool City Region, added: “The Liverpool City Region is home to a thriving ecosystem of leading innovators and industries that rival anywhere in the world.
“We are fortunate to build our future on enviable foundations – but we know there is still so much potential to unlock – which is why I am on a mission to make our region the engine of innovation in the UK. United.
“However, innovation cannot exist in a vacuum – we need the support of forward-thinking companies with the ambition to join us on our journey.
“Inovus Medical is one of the companies that we believe shares our vision for the future of our region – which is why it is one of the first companies we have supported through our Future Innovation Fund. of £3 million.
“Clearly they are already reaping the rewards of our investment – I’m really looking forward to seeing what the future holds for them.”