Medical technology company Creo Medical has raised $8.45m in its latest funding round, the business has announced.

Creo Medical specialises in Electrosurgery and is based in Chepstow in South-East Wales. The latest funding will be put towards its CROMA energy system.

Described as ‘the first new electrosurgical platform in a generation’, it provides a unique combination of super high frequency microwave energy for controlled coagulation and bipolar radiofrequency energy.

It is used for precise soft tissue cutting, supporting a wide range of surgical instruments for applications such as therapeutic endoscopy, laparoscopic surgery and tumour ablation.

>See also: Devolution could unlock £80bn of economic growth

The funding round was supported by a wide range of backers including new investor Pentax Medical (HOYA Group).

Participants in this financing round also included existing investors Finance Wales, the Angel CoFund and individual angel investors. To date, Creo Medical has secured investment worth $20.7m.

Creo Medical CEO Craig Gulliford welcomed the backing of Pentax Medical and its vision in “identifying therapeutic endoscopy as a priority area”.

“With this latest investment we are well positioned to complete US regulatory approval, build on our growing intellectual property portfolio and develop commercial traction in key global markets,” he continued

Finance Wales technology ventures team leader Dr Richard Thomspon added that, as a long-time backer of the company, he and the team were “pleased to see the company making impressive progress”.

Further reading: UK productivity lags behind G7 average