Inovus Medical, a leading designer and manufacturer of medical and surgical simulators, has announced the successful completion of a £500,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The investment is part of a £700,000 investment round alongside an angel investor and will help to create four new jobs, accelerating the growth of Inovus Medical’s commercial operations in the domestic and international markets.
The company also plans to utilise the funding to add a suite of new 3D printing technologies to its manufacturing processes and introduce new software additions to its existing product offering.
Inovus Medical has had an impressive year of growth as the company has more than doubled its head count, moved to new headquarters in St Helens, Merseyside, and won a number of awards, including the EIT Health Headstart Award and most recently the British Chamber of Commerce Regional Small Business of the Year Award. This impressive growth was helped by a previous £80,000 investment made by NPIF – BFS & MSIF Microfinance in December 2017.
This latest investment follows the launch of the company’s most recent innovation in healthcare simulation, the Bozziniä Hysteroscopy Trainer, a revolutionary, turnkey simulator for teaching the skill of hysteroscopy (operating on the womb). This injection of capital is set to help Inovus improve adoption of innovative products such as the Bozziniä in the UK and globally through its growing distribution network.
Inovus Medical’s CEO, Dr Elliot Street, said: “We are extremely excited to have Mercia as a partner on our journey of expansion in what is an evolving industry that presents a great deal of opportunity. Whilst it is gratifying to see how far we have come in the years since we launched, what is most exciting is the prospect of improving the care of patients across the globe through improved access to high quality, realistic and affordable healthcare simulation – this investment will allow us to do just that at a scale far beyond that which we were previously able.”
The investment was led by Mercia’s Fund Principal Will Clark and Investment Director Dr Mark Wyatt. Mark said: “This is a really exciting time for the Inovus team as they set their sights on expanding globally. This funding round will enable Inovus Medical to establish a significant presence in the simulation and training market place, which is an area we feel has substantial growth potential.”
Grant Peggie, Director at British Business Bank, said: “We’re pleased that NPIF is providing capital that will enable Inovus Medical to innovate, move into new markets and scale up its operations. We would encourage other forward thinking companies across the North to explore the growth funding available from NPIF.”
HRC Law of Manchester provided legal counsel for the company.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.