5th October 2021
Equity Funding To Help Drive Growth At MedTech Firm
Chepstow-based IQ Endoscopes has completed a Series A equity funding round exceeding £4m. The round was led by the Development Bank of Wales and Creo Medical.
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 was also backed in this round from Nepcoe Capital Partners and Australian Unity’s Future of Health Care Fund. Both co-investors will bring added value to the company’s mission of improving the access of flexible endoscopy globally.
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. .
AIM-listed medical technology specialist Creo Medical has developed CROMA, an electrosurgical advanced energy platform powered by its 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 of Creo Medical, said: “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 reusable 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, chief executive of IQ Endoscopes, added: “This new funding will allow us to achieve regulatory approval for our single use flexible gastroscope (Q-Vision G100) 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 has been impressed with the executive team and their compelling technology offering in the flexible endoscopy market.”
Victor Windeyer, portfolio manager for 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 we were impressed with the IQ Endoscopes team, their product and their ambition to address the issue of cross contamination in endoscope procedures.”
The GS Verde Group advised the Development Bank of Wales.