IQ Endoscopes secures £1.5m from Development Bank of Wales and Creo Medical to accelerate product development.
The funding round will support the rapid development of single use flexible endoscopes and facilitate the company relocation to Wales.
A medical device company that develops single use flexible endoscopes for diagnostic and therapeutic procedures.
IQ Endoscopes has secured £1.5m in a funding round led jointly by the Development Bank of Wales and Creo Medical alongside angel investors. The capital will be used to support the rapid product development of the company range of single use flexible endoscopes. Following the transaction, the business will relocate its operations to Wales.
The funding aims to accelerate the commercialisation of the IQ platform, which includes disposable gastroscopes and colonoscopes designed to eliminate cross contamination risks in clinical settings. Creo Medical CEO Craig Gulliford will join the board as a non-executive director as part of the investment.
From the founder
"We are delighted to have secured this initial investment from the Development Bank of Wales, Creo Medical and a group of angel investors. It provides us with the perfect opportunity to rapidly develop our product technology and bring to market a range of single use, flexible endoscopes. Our platform will not only eliminate all threat of cross contamination between endoscopy procedures, but also increase throughput of patients. Having worked in the medical device industry for over 15 years, IQ Endoscopes has a vision for technology that will have global impact."
Matt Ginn
CEO at IQ Endoscopes
Investor perspective
"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."
Craig Gulliford
Chief Executive Officer, Creo Medical
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
Categories
About the company
IQ Endoscopes
Developer of disposable single use flexible endoscopes for clinical procedures.