Cardiff spin-out Medaphor has announced its flotation on the Alternative Investment Market.
Medaphor, an edtech spun out of Cardiff University, intends to float on the London Stock Exchange’s Alternative Investment Market (Aim).
Medaphor is an edtech specifically focused on the healthcare sector. It provides ultrasound education and training simulator for medical professionals through its lead product ScanTrainer. The platform allows students, doctors and sonographers to acquire ultrasound scanning skills with minimal guidance and without a patient.
The company is backed by a range of unnamed private investors as well as Finance Wales, IP Group and Capital Cardiff. Fusion IP was also an investor in its own right before its acquisition by IP Group. The company’s biggest shareholder is IP Group, which has an undiluted beneficial stake of 47.5%, with a further 3.7% which the group holds through its IP Venture Fund II.
Medaphor is headed by Stuart Gall, who was one of the founders of Fusion IP. He joined the company and became its chief executive following Fusion’s 2009 investment.
Richard Hadden, investment executive at Finance Wales, said: “Medaphor’s ScanTrainer simulator has been well received in its target markets and we are delighted that the company now plans to raise new capital to facilitate its ambitious growth plans through Aim. Finance Wales is a cornerstone investor in Medaphor. We have backed the company over a number of investment rounds since 2009, including a recent significant pre-IPO round which has taken our total investment in the company to over £1.5m ($2.5m).”