Creavo Medical Technologies, a UK-based medical device manufacturer based on University of Leeds research, today collected £13.4m ($17.5m) in an oversubscribed round from investors including commercialisation firm IP Group.
University of Leeds also participated in the round, as did investment firm Parkwalk Advisors, venture capital firm Puhua Capital and the IP Venture Fund II, a £30m venture capital fund backed by IP Group and the European Investment Fund, the investment unit of the EU-owned European Investment Bank.
A range of undisclosed private and institutional investors also participated in the round. IP Group supplied £2.8m to the round.
Creavo, founded in 2014 as Quantum Imaging, has developed a diagnostic device called Vitalscan that can quickly and accurately rule out heart-related problems in A&E departments – with potential savings to the National Health Service estimated at £200m per year.
Vitalscan uses a non-invasive procedure that takes no more than five minutes at a patient’s bedside. The device is currently in trials at four emergency departments in Bristol, Nottingham, Leicester and Sheffield.
The technology was developed by professor Ben Varcoe, chair of Quantum Information Science at University of Leeds.
The money will enable Creavo to conclude the clinical study and work towards a full commercial launch in Europe. The company hopes to also build its US operation and undertake a clinical study in that country.
Creavo will also explore additional applications of its technology, which could be used to gain a better understanding of arrhythmias and provide diagnostics in other organs.
Creavo previously obtained £4.6m in a series A round in March 2016 from University of Leeds, IP Group, members of the spinout’s management team and unnamed investors. IP Group had earlier led a £1.6m seed round in 2014 with participation from University of Leeds and the IP Venture Fund II.
Simon Graindorge, director of healthcare at IP Group, said: “We have supported Creavo from the very beginning and have been impressed with its substantial growth and ambition.
“I am particularly excited about this next chapter in Creavo’s evolution which will see its technology launched commercially for the benefit of patients and providers in the emergency room, a setting which continues to dominate the news and is an enormous challenge globally.
“Creavo is well-positioned to disrupt multiple healthcare markets to benefit both patients and payors, and we are excited to have led this funding round in Creavo.”
Global University Venturing previously took an in-depth look at Creavo’s technology. The company was shortlisted for Deal of the Year at this year’s GUV Awards.
