IQ Endoscopes, a Cardiff, UK-based medical device company, raised £5.2M in funding.
The round was led by BGF, the Development Bank of Wales, and a consortium of investors.
Led by CEO Matt Ginn, IQ Endoscopes has created a single-use endoscopy device whose technology leverages the complementary experience of founders who are Dr Patrick Ward-Booth and CTO Andrew Miller. Using a novel and patented engineering approach, the range of single use endoscopes will deliver much needed change within endoscopy, addressing the huge demand for the service globally.
The business, which was launched in 2017, has raised £5.9M to date, with seed funding and subsequent investment raised from investors including the Development Bank of Wales. IQ Endoscopes has undergone rapid acceleration over the last five years and funds from this latest round will be focused on market access strategy ahead of product launch.
The company intends to use the funds for the development and roll-out of its medical device which has the potential to innovate the early diagnosis of a range of cancers and other gastro-intestinal conditions.
FinSMEs
30/01/2023