Chepstow based IQ Endoscopes has completed a Series A equity funding round exceeding £4 million. The round has been led by the Development Bank of Wales and Creo Medical PLC. The investment will allow IQ Endoscopes to achieve regulatory approval for its single use flexible gastroscope, as well as accelerating the development of its single use flexible colonoscope.
IQ Endoscopes also welcomes participation in this round from Nepcoe Capital Partners and Australian Unity’s Future of Healthcare Fund. Both co-investors will bring substantial added value to the company’s mission of improving the access of flexible endoscopy on a global scale and in a sustainable manner.
IQ Endoscope’s Q Vision Technology will replicate the physical handling and ergonomic performance of re-useable endoscopic technologies, through a patented and sustainable single use platform. Single use endoscopy will not only eliminate all threat of cross contamination between endoscopy procedures, but also increase throughput of patients and allow greater access to flexible endoscopy procedures on a global scale.
AIM listed Creo Medical is an emerging Med-Tech leader and has developed CROMA, an electrosurgical Advanced Energy Platform powered by its unique full spectrum Kamaptive technology, which combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. Creo Medical has also developed a suite of medical devices designed, initially, for the emerging field of GI therapeutic endoscopy. Creo was supported by the Development Bank of Wales as an investor over multiple rounds through to their successful IPO on AIM in 2016. The Development Bank is an active equity co-investor, with funds available for high-growth potential technology businesses from seed and spin-out through to IPO and beyond.
Craig Gulliford, Chief Executive Officer of Creo Medical, commented: “Creo Medical is delighted to have supported IQ Endoscopes in its Series A equity funding round. It is a scale-up business with an excellent management team and a compelling, unique patented technology. Their mission to transform the delivery of endoscopy services by eliminating the challenges and risks presented by traditional re-useable endoscopes complements our dedicated vision of improving patient outcomes in the emerging field of therapeutic endoscopy. We look forward to supporting them as they scale.”
Matt Ginn, CEO of IQ Endoscopes added: “We are delighted to have secured this Series A fund from our original investors as well as welcoming new co-investors to the round. We would like to thank both the Development Bank of Wales and Creo Medical PLC for their support and funding since our Seed Investment in July 2020. This new funding will allow us to achieve regulatory approval for our single use flexible gastroscope (Q Vision G-100) as well as accelerating the product development of our single use colonoscope. We will continue to expand our team in South Wales and look to build critical foundations that will allow us to rapidly commercialise our technology on a global scale.”
Dr Richard Thompson, Senior Investment Executive at the Development Bank of Wales said: “Having worked closely with IQ Endoscopes since their initial Seed Investment in July 2020, the Development Bank of Wales has been impressed with the executive team and their compelling technology offering in the flexible endoscopy market. The company is focused on developing a technology platform that not only addresses a vast global market but will have a profound positive impact on healthcare. It has been a pleasure to co-invest again with Creo Medical, the angel syndicate as well as our new co-investors.”
Victor Windeyer, Portfolio Manager at the Australian Unity Future of Healthcare Fund added: “The Australian Unity Future of Healthcare Fund makes purposeful investments designed to generate long-term capital growth, and to enhance the health and wellbeing of Australians. We look domestically and globally for such companies and we were impressed with the IQ Endoscopes team, their product and their ambition to address the issue of cross contamination in endoscopy procedures.”
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