Following a presentation at an event hosted by the Monaco Venture Capital Association, surgical accessory business Cipher Surgical has netted £1.2 million of development capital.
Its OpClear product is a laparoscopic surgery tool which fits to the end of an optic device and ensures that fluid, blood, tissue, fat or condensation do not obscure the view of the surgeon.
The investment round has been led by Envestors, an angel network which is wholly owned by AIM-listed investment management firm Braveheart Investment Group.
Andrew Newell, CEO of Coventry-based Cipher Surgical, says that the additional funding will allow the business to obtain a CE mark for its product and then launch it in the UK.
Donald Anderson, a resident of Monaco who works with Envestors, is amongst those injecting capital into Cipher Surgical alongside other Monaco-based private investors.
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Envestors founder director Oliver Woolley comments, ‘We have worked with Andrew Newell and the team for a couple of years and have watched the progress made by the company in developing a ground-breaking solution.
‘We are most encouraged to see that Cipher Surgical has made good progress with its CE mark application and has agreed terms with a UK distributor.’
The transaction is the second time that Braveheart’s Envestors has supported the growth ambitions of a UK company in 2013. In January, fertility diagnosis and treatment company Fertility Focus also secured £1.2 million as it looks to commercialise its OvuSense product.
