MedaPhor Limited, a Cardiff, Wales, UK-based e-learning company that produces innovative training products for postgraduate medical professionals, has raised £190,000.
The funds include £75,000 each from Fusion IP (AIM: FIP), the university commercialisation company which aims to turn university research into business, and Finance Wales.
MedaPhor is developing a “virtual reality” ultrasound training device, called ScanTrainerTM, which combines high quality ultrasound images with computer-based feedback and training. The product, which eliminates the current ultrasound training constraints of limited equipment, trainers and volunteers, can be applied to a number of different therapeutic areas.
The funds raised will enable the company to complete development of the ScanTrainerTM prototype and move it into commercialisation, with a product launch now planned for the first half of 2010.
According to Fusion, which following the investment owns 36.7% of the company, a further fund raising round will be needed to finance the launch of the ScanTrainerTM, which will initially be targeting the Obstetrics and Gynaecology market.