South Wales-based IQ Endoscopes has raised £5.2m in an investment round led by BGF for its single-use endoscope device.
The medtech startup’s single-use endoscope can be used to initially detect gastrointestinal conditions and various cancers.
“Regulatory bodies such as the FDA are increasingly encouraging single-use endoscopes as a means of improving patient safety and ensuring the early detection of GI diseases,” said Matt Ginn, CEO of IQ Endoscopes.
Benefits of its single-use endoscopes include no cross-contamination, better “throughput” and “greater access”, added Ginn.
Dr Patrick Ward-Booth and CTO Andrew Miller founded IQ Endoscopes in 2017.
IQ Endoscopes will spend the funding to further develop its endoscope ahead of launch.
BGF was joined by previous investor the Development Bank of Wales and a group of unnamed investors.
It recently was awarded a grant from the Cardiff and Vale Health Board as well as the Cardiff Capital Region Challenge Fund, to produce a “recycling strategy” for the endoscope.
Tim Rea, investor at BGF, said: “This was an exciting opportunity to back an early-stage medical device business with a truly innovative technology that has the potential to make a significant positive impact on a strained area of the healthcare system.”
Previous funding includes a £4m Series A round in October 2021.
BGF in November secured £80m for its UK Enterprise Fund.