Monica Healthcare, a Nottingham, UK-based a company that specializes in wireless healthcare technology, raised £2m in funding.
Backers included existing shareholders Catapult Ventures, the New Hill Growth Fund, East Midlands Business Angels, the University of Nottingham and management, which have contributed 65% of the fundraising, and new investors Wren Capital, Origin Capital, Catamaran Ventures and the London Business Angels.
Along with a further £0.25m from the Nottingham Technology Grant Fund, the proceeds will be used for expansion of the company and to underpin the manufacture and launch of a second generation, FDA-cleared, wireless fetal monitoring product.
Formed in May 2005 following 15 years of research at the School of Electrical and Electronic Engineering and the School of Human Development at The University of Nottingham, UK, and led by Dr Carl Barratt, CEO, Monica Healthcare specializes in wireless healthcare technology, providing wearable medical devices that monitor fetal and maternal well-being. Its existing AN24 product – a FDA approved, wireless fetal – maternal monitor for use during labour – is sold in the USA, Europe, Brazil, Russia, India and China and is used to monitor the delivery of over 100,000 babies every year.
The patented technology is based on the acquisition of electro-physiological signals that can be passively detected by electrodes positioned on the maternal abdomen. From these signals fetal heart rate, maternal heart rate, uterine activity and parameters describing Fetal ECG morphology can be extracted in real time.