East Kilbride-based Airglove Medical has raised £500,000 equity investment to advance the commercial launch of its patented Airglove product.
The investment round was led by lead investor Pulse Angels and co-investor Scottish Enterprise and is aimed at it expanding within the UK and targeting new markets in Europe and the US.
Related: Hema.to raises €3.6m to improve blood cancer diagnosis with AI
Airglove helps medical professionals successfully cannulate patients first time round Cannulation is an essential medical procedure whereby a thin plastic tube is inserted into a vein to administer medication, fluids or to take blood samples.
It is necessary in 80 per cent of hospital admissions yet has a reported 30 per cent failure rate of accessing the vein first time and a 33-69 per cent failure rate after insertion.
Initially developed in response to a 2018 NHS Innovations challenge, it has now been used in more than 140 hospitals across the UK.
Airglove Medical founder Gio Benedetti said: “Airglove represents a breakthrough in what is a very traditional approach to cannulating patients which, whilst it works for many, can also cause distress to others. In addition to improving patient care it also offers significant cost savings plus the reduction in clinical waste disposal and increase in productivity for the healthcare community.
“Airglove is now in use in more than 12 clinical areas and offers a truly global opportunity for my Lanarkshire-based company. I would like to acknowledge the outstanding support we have received from Scottish Enterprise, which from the outset saw its innovative and commercial potential.”
Airglove works by forcing warm air through a double-walled low-density polyethylene (LDPE) glove worn on the patient’s arm to dilate the veins.
It has been proven in trials to achieve 87.5 per cent first time cannulation success, and an independent economic assessment by Health Enterprise East suggests it could save the NHS £31m over 3 years in Oncology alone.
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, added: “Airglove Medical’s unique product is a prime example of Scottish ingenuity helping to solve global challenges. In addition to the excellent market potential of this product, it will also enhance the wellbeing of patients who suffer the discomfort and distress of difficult canulation, as well as easing time and financial burdens on healthcare providers.
“Life Sciences remains a key opportunity industry for Scottish Enterprise under our new missions approach, and our investment in Airglove Medical will help the company convert and scale its innovation into growth, delivering maximum benefits for Scotland’s economy.”
