The Edinburgh medical device firm secured backing from Archangels and the Scottish Investment Bank to prepare for its American market entry.
"We are delighted by the continuing commitment of our existing investors in this financing. This new investment allows us to continue to execute our strategy as we anticipate PMA approval for our CALCIVIS Imaging System later this year from FDA. We remain very confident in the potential of this new approach to preventive dentistry in the US, when it is launched in the world’s largest dentistry market in 2020. This optimism has been reinforced by our experience in the UK, where the CALCIVIS Imaging System has been shown to provide reliable, visualisation of demineralisation enabling bespoke, evidence-based preventive treatment for dental caries patients."
The Series B round was led by Kureha Corporation and will accelerate commercial rollout and market expansion.
"We’re delighted to welcome our new corporate and VC investors from Japan and China, as well as having the continued strong support of our existing investors, who together form a world-class group that will help scale CTT quickly to exploit the market opportunity for its technology. CTT has grown rapidly over the last several years, and we’re looking forward to being able to continue executing on our growth plan and sharpening our commercialization focus within the consumer electronics, automotive and industrial markets. The partners we have and the injection of new capital means we can expect to enable our customers to begin rolling out the technology at scale in the near future."
The Daresbury firm will use the debt finance from FW Capital to upgrade its facilities, expand 3D printing capabilities and strengthen marketing.
"We’re at a really interesting point in the business where we’re ready to take the next step in our journey, exploring new customers, markets and developing new products. In order to do this we need to have the right infrastructure, people and marketing in place to ensure we can communicate our vision effectively and deliver our promise. This fantastic funding boost from FW Capital will undoubtedly help us achieve this."
The MedTech start-up received its second award from the UK innovation agency via the Biomedical Catalyst scheme.
"Sleep is vital both to our mental and physical health. As mental health experts we need to find ways to help people improve their sleep quality, especially those with sleep problems."
