8th April 2024
Health Technology Growth in Wales: A Dynamic Evolution
Wales is strategically nurturing the growth and ambition of its life sciences sector, experiencing a surge in investments for med-tech companies.
With essential financial support in the form of equity investment from the Development Bank of Wales, amounting to £15 million, and an additional private sector co-investment nearing £60 million, a total of £75 million has been infused into a diverse range of tech ventures within the life sciences, medical devices, and associated healthcare sectors in the last four years.
Among the firms to benefit from the bank’s support is Reacta Biotech, based in Deeside, swiftly establishing a prominent presence in the global food allergy diagnostic market. Other recipients include Antiverse, a biotechnology firm advancing a computational antibody drug discovery platform and Cardiff-based Health & Her, specialising in female healthcare.
Halo Therapeutics was attracted to Wales by a £1 million seed investment from the Development Bank in May last year and now operates from Welsh ICE in Caerphilly.
The Development Bank supported Halo Therapeutics’ pre-revenue research and development, highlighting the competitive advantages of Wales in the sciences industry—its agile approach, established ecosystem, high-tech infrastructure, and tailored financial support.
Bridgend-based AI technology firm Clinithink is helping to improve patient care, relieve workloads for stretched clinicians and deliver significant savings to the NHS with investment from the Development Bank of Wales.
Having first supported Clinithink with an equity investment in 2012, the Development Bank has since made five follow-on investments with the latest funding round taking the total capital to over £5 million. Clinithink also has the backing of major specialist health funds in the US.
The Development Bank has played a pivotal role in supporting all of these businesses to set up in Wales, while the country boasts a compelling proposition, presenting promising opportunities for global commercialisation from a Welsh base.
Offering an attractive ecosystem for emerging enterprises, a growing cluster backed by a range of investors specialising in nurturing early stage technology and a decentralised NHS actively seeking innovative collaborations, Wales is poised to witness an influx of life sciences and med-tech companies choosing to invest in the country.
The Development Bank stands as a crucial supporter of innovative technology and life science ventures, providing seed and venture equity investment ranging from £50,000 to £10 million. This funding is tailored to assist tech start-ups, university spin-outs, and new companies in commercialising products or technologies.
For more information, visit www.developmentbank.wales