Envoke raises £1m from Mercia and Finance Yorkshire to enhance its medical training platform.
The funding round was jointly backed by NPIF and Finance Yorkshire with £500k each.
Envoke provides software for remote training and support, creating virtual replicas of complex laboratory equipment for medics and technicians.
Leeds-based medical simulation software company Envoke has secured £1m in fresh funding to enhance its platform and expand its client base. The round was backed equally by Mercia, through NPIF, and Finance Yorkshire's Seedcorn Fund.
The capital follows a period of strong growth for the firm, which has nearly doubled its annual recurring revenue over the past 12 months following the launch of a new training module. The business intends to use the investment to further improve the system, increase sales and marketing efforts, and create new jobs ahead of a planned Series A round.
From the founder
"Healthcare services worldwide rely on rapid and accurate laboratory testing. However, training staff is costly, and machine downtime is commonplace, often due to operator error or simple faults that could easily be fixed with the right support. We believe our platform will dramatically improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers."
Stuart Warrington
CEO at Envoke
Investor perspective
"Envoke’s pioneering platform could transform training for laboratory staff in the same way the flight simulator did for pilots. Our initial investment enabled the team to develop this latest version, which has attracted strong interest from the healthcare industry. We are pleased to support the company once again, and welcome on-board Finance Yorkshire as a new investment partner."
Dawn Tyler
Mercia Ventures
Use of funds
- 01Continue product development
- 02Invest in sales and marketing
- 03Grow the team
