Finance Wales and the Angel CoFund lead financing in IMSPEX Diagnostics & Creo Medical
Finance Wales and the Angel CoFund, were joined in this round by a number of private investors, led the financing in IMSPEX Diagnostics completeing a £1.4 million funding round
IMSPEX Diagnostics Limited, an emerging analytical chemistry company developing innovative point of use devices for monitoring and QC/QA applications in the environmental, food, drink, fragrance and clinical diagnostics markets, announced today it has completed its £1.4 million funding round led by Finance Wales and the Angel CoFund.
The funds will be invested in establishing a Group administration and sales team who will be based in Abercynon. IMSPEX acquired Dortmund based technology company G.A.S GmbH in January 2013. The subsidiary develops and manufactures the Groups range of analytical instrumentation based on Ion Mobility Spectrometry (IMS). The lead products are the Siloxane and Beer analysers. The Siloxane device monitors the quality of biogas in real time, ensuring it is sufficiently clean to pump on to national gas grids. The beer analyser offers brewers a range of analytical tests that can be performed at point of use in the brewery. In particular determining when beers have reached maturity and analysing aromatic and flavour components.
Angel CoFund and Finance Wales back Creo Medical’s innovative devices
The Government-backed Angel CoFund joins existing investors Finance Wales, the Arete Angel syndicate and individual business angels, including lead angel Mark Farmer, bringing the total Creo investment received to date to £7.9m.
This is the second co-investment deal between the Angel CoFund and Finance Wales this year. Since 2009, Creo Medical has developed innovative medical devices. This funding will be used towards the continuing development of the CROMA platform – the first new electrosurgical system in a generation – specifically with regards to achieving regulatory approval for the European market and establishing a regulatory pathway into the US market. Further product developments will focus on providing clinical solutions to complex gastrointestinal problems whilst the platform has further potential in other surgical procedures.
Craig Gulliford, CEO, Creo Medical, said: “Since launch, Creo Medical has benefitted significantly from the support both financially and on a business development level, from highly experienced angel investors in the medical and life sciences sectors. Today’s funding announcement marks an important step change for the team, as we focus energies on Europe and the USA. We look forward to working with new investors the Angel CoFund as we concentrate on the next level of growth.” Tim Mills, Investment Director of the Angel CoFund, said: “The Angel CoFund is always on the look-out for both promising British businesses and strong angel investment syndicates, and for us, Creo Medical ticks all the boxes. Craig Gulliford and his team have built a dedicated network of angel investors around Creo and we are delighted to be joining this latest funding round, as Creo set their sights on international expansion.”
Dr Richard Thompson from Finance Wales’ Technology Venture Investments team who led on the investment for Finance Wales, said: “The CROMA platform is now attracting exciting commercial and medical interest and we’re pleased to follow our investments in Creo Medical. Creo has an impressive group of angel investors and we look forward to working with them and the Angel CoFund to support the company’s international expansion plans. Finance Wales is a long-term backer of Creo which has gone from strength to strength since locating its headquarters in Wales.”