MTI lead £1.19m funding round in Eykona Technologies Ltd
Specialist technology Venture Capital company, MTI Partners, has announced the completion of an investment round of £1.19m in Eykona, an Oxford University spin-out medical technology company.
The round, which was over-subscribed, allows Eykona to progress its innovative 3D wound imaging system to launch and beyond. The financing was led by MTI through the UMIP Premier Fund (UPF) alongside further investment from existing and new shareholders including H2O Venture Partners, Parkwalk EIS Technology Fund 1, Hygea VCT, the LBA Roundtable EIS Fund 2009 with three LBA investors and a number of other Angel investors. Technikos LLP remains the largest shareholder.
Paul Murphy, CEO of Eykona, expressed his thanks to all investors: “We are at an exciting stage with Eykona; we have great clinical support, a strong health economic rationale and huge interest from the wound care community. Allowing clinicians to measure wounds, accurately and repeatably, will help improve outcomes, reduce costs and ensure that patients with serious wounds are treated optimally.”
Dr. David Holbrook, Partner and Head of Medtech investing at MTI added: “This is cutting edge technology addressing a key unmet need in the wound care marketplace, with strong clinician endorsement and management team. These are the perfect building blocks for success. We are delighted to have led this round.”
David concludes: “At MTI we are always looking to make investments in strong University spin-out companies, such as Eykona, with proven proprietary technology and which address an identifiable market need."
Stephen Brindle, a partner with Technikos, said; “I am particularly pleased that Eykona has completed this funding so successfully, especially as market conditions remain challenging for most early stage companies. This is testament to Eykona’s management team and their understanding of their technology and its addressable markets. Our preliminary health economic analysis of the benefits of accurate and repeatable wound measurement indicates potential savings of up to £100m per annum for the NHS.”