A new technology aimed improving the speed of surgical procedures has closed the first stage of a £2.5 million funding round.
OR Productivity has raised £1 million from a number of sources as it looks to roll out its FreeHand surgeon-controlled camera holder.
Having already netted £1.25 million of growth capital back in 2012, OR Productivity has again used the Angel CoFund to part fund its new deal.
A £350,000 commitment has come from the government funding initiative, while the remaining £1.5 million is expected to be secured in the coming few months. The Angel CoFund will also be adding to that round, taking its total investment to £1 million.
Back in December 2012, Guildford-based laparoscopic imaging business OR Productivity closed a £1.25 million funding round. Contributions came from business angels, as well as the Angel CoFund and London Business Angels.
It has since gone on to treble the sales of its FreeHand product, which gives a clearer and more stable view of what surgeons are doing, and double the size of its installed base. The new capital it has now pocketed will be put to use accelerating the product’s commercial roll out around the world and fund the expansion of the clinical applications it can conduct.
OR Productivity CEO Jeremy Russell says that the support the business has received from the Angel CoFund and its angel and VCT investors has given it a solid funding base.
‘We are now able to push ahead activity with out international growth plans while we also bring on board new investors who want to share our vision of a wider business focussing on minimally-invasive medicine,’ he adds.
More on the Angel CoFund:
- Fund hits one-year mark with 18 deals worth £24 million
- Five angel networks to lead £50 million fund
- Angel CoFund makes first five commitments
The Angel CoFund, which has invested in other business including YPlan, which recently launched operations in New York, and Micrima, closed 28 deals during its first 18 months of operation.
The fund has now been extended across the UK in its efforts to support high-growth businesses and has developed itself into the biggest of its kind in the world.
George Whitehead, chairman of the Angel CoFund, says, ‘Our goal at the Angel CoFund is to get cash to UK businesses that really have the potential to scale – and with its incredible FreeHand camera technology for surgeons there is no reason not to believe that OR Productivity is going to have an international impact across the medical world.’