GI UK Medical, a Northallerton, North Yorkshire, UK-based new medical device supplier, secured £650k in funding.
NPIF – Mercia Equity Finance made the investment.
The funding is allowing the company to develop its global supply partnerships, initiate its sales and marketing strategy, recruit two new sales staff and establish itself as a new NHS supplier.
Formed by Andy Fox, Andy Smith and Lawrence Wade, GI UK Medical specializes in gastroenterology products and will offer the NHS and private healthcare providers technologies to improve patient care and reduce cost. The company has already struck a number of exclusive deals, including the right to supply a new capsule endoscopy system which can replace the need for an invasive colonoscopy. The patient swallows a capsule containing a tiny video camera and, as the final footage is initially analysed by artificial intelligence, it also saves doctors hours of time in watching the full video. The company has already attained its ISO 9001 quality standard that it requires to trade successfully.