Monica Healthcare, a spin-out of Nottingham University, has raised £2m ($3m) – £500,000 more than its original target of £1.5m.
Nottingham was one of the backers in the round, and was joined by fellow existing investors Catapult Ventures, New Hill Growth Fund, and East Midlands Business Angels, which collectively provided 65% of the £2m. New investors Wren Capital, Origin Capital, Catamaran Ventures, and London Business Angels made up the remainder.
Monica also received £250,000 from the Nottingham Technology Grant Fund.
The cash will be used to further the development of Monica’s AN24 product, a wireless fetal-maternal monitor used during labour. AN24 is already approved by the US Food and Drug Administration, and is used to monitor the delivery of 100,000 babies per year in the USA, EU, Russia, Brazil, India, and China.
Carl Barratt, CEO of Monica Healthcare, said: “We are delighted by the support of existing investors and the quality of new investors who have bought into our vision. We aim to establish Monica as one of the world’s leading providers of fetal and maternal monitoring products by continuing to design products which are both substantially higher in performance and easier to use than the existing technologies in current use in the Labour & Delivery wards of today’s hospitals. We look forward to announcing further great news in the coming weeks and months.”
