Michelson Diagnostics closes further £2.5m in addition to £9m raised from UKBAA members LBA, Catapult and Octopus
This round comes alongside Michelsons existing investors which have provided £9m of investment to date, including London Business Angels, Octopus Investments and Catapult Ventures – all of whom are member of the UK Business Angels Association.
Michelson Diagnostics, the UK based medical device company focused on multi-beam Optical Coherence Tomography (‘OCT’) technology, is pleased to announce that it has closed the £2.5 million First Tranche of its Series B financing. This was led by strategic investor, global medical technology business Smith & Nephew and included new investor Kent County Council as well as existing investors.
The £2.5 million investment will be used to expand the Michelson Diagnostics’ commercial presence in Germany; launch the Company’s next generation VivoSight OCT tissue-imaging system; complete the ongoing US multi-centre clinical biopsy avoidance study and explore further applications of the VivoSight system in areas such as wound care and dentistry. Michelson Diagnostics is in discussions with other investors regarding the Second £1.5 million Tranche of Series B round and expects to close this in the coming months.