Leeds startup Eventum Orthopaedics has secured a £3.8m follow-on investment in support of its flagship device to support knee surgeries.
The West Yorkshire-based medtech has built QuadSense, a device that provides surgeons with real-time data on the condition and position of patients’ kneecaps replacement during operations.
Having secured regulatory approval for the device and deployed it across an initial 300 procedures, the company will use the new capital injection to grow its distribution channels in the UK, US and New Zealand.
“Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied,” said Eventum founder and CEO John Naybour.
“Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”
According to the company, the QuadSense can also drastically reduce the cost for medical providers of treating these patients, which is estimated to be as high as £6,000 per case.
The funding came from the Northern Powerhouse Investment Fund II, an investment vehicle managed by Mercia Ventures on behalf of the state-owned British Business Bank.
“West Yorkshire is known for its expertise in developing implants, such as those used in orthopaedics, so it’s great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector,” said Lizzy Upton, senior manager at the British Business Bank.
“Eventum is a perfect example of how Yorkshire-based businesses can harness the power of NPIF II to expand, creating jobs in the region and contributing to the regional economy.”
The £660m fund was launched to support businesses across the north of England with loans of up to £2m and equity investments of up to £5m.
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