The Warwickshire medical technology manufacturer has raised £250k in debt financing through the Midlands Engine Investment Fund.
"Health statistics tell us around 12 million women in North America and Europe start out trying to conceive each year. Of these, 4 million end up trying to conceive for 6 months or more, with a further 2 million moving on each year into the clinical segment. Securing additional funding is a significant step towards continuing to support women and their partners through a highly emotional journey. We would like to extend our thanks to Paul, at the FSE Group, for taking us through the process of securing finance from CBILS and MEIF – enabling us to help the business to navigate the impact of COVID-19 which will help us through these difficult times, maintaining key staff whilst continuing with key research to help us develop our product offering."
The funding round will support the rapid development of single use flexible endoscopes and facilitate the company relocation to Wales.
"IQ Endoscopes disruptive technology eliminates the risk of cross contamination which is at the forefront of clinicians’ minds at the moment with the prevalence of COVID-19. Practitioners can’t risk contamination between endoscopy procedures. Creating a disposable endoscope, which is expected to be positioned at a lower cost point than current technology, is an extremely thrilling prospect and the reason why Creo Medical is keen to support the product development to get IQ Scope and platform to market as quickly as possible."
The Birmingham-based tele-optometry manufacturer has raised £2.5m from investors including Midven, Mercia Asset Management and the Future Fund.
"We at Eyoto have all the ingredients to become a major force within the embryonic field of tele-optometry: a great team, a range of game-changing technologies and, as this funding round proves, supportive investors."
The funding was secured from Wealth Club and the Development Bank of Wales to support product development and global expansion.
"Our purpose has always been to help people be better with data. This funding is a fantastic recognition of our hard work and shows a strong belief and confidence in our forward mission as a business."