The North West Fund for Venture Capital has joined forces with Lancashire’s Rosebud Fund to back FDM Digital Solutions.
The Burnley-based business has netted £860,000 through the deal, and will use the funds to invest in the most up-to-date 3D technology.
Its system is set to allow hospitals to scan a patient’s foot before emailing the details to FDM, whereupon the soles will be printed and delivered within 48 hours.
Prior to securing the venture capital investment, FDM had received grants worth a total of £1 million from the Technology Strategy Board and EPSRC to help with the development of its supply chain.
James Saunders, who set up the business in 2011 alongside Graeme Bond and is managing director, says that the new system has the potential to improve quality and reduce consultants’ time.
‘It’s great that Rosebud and The North West Fund for Venture Capital have seen its potential and are backing our vision,’ he adds.
‘3D printing could transform supply chains in the NHS and other industries. We will become the leading centre of excellence for this new technology in the North West.’
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FDM’s two new investors, Rosebud and The North West Fund for Venture Capital, are both managed by Enterprise Ventures – a firm which invested £29 million through some 200 deals in 2013.
Doug Stellman, investment director at Enterprise Ventures, comments, ‘The technology that FDM is now proposing for orthotics allows the shape and properties of the materials to be varied to match the patient’s exact needs, as well as pioneering a new lean supply chain model which can be applied throughout the NHS.’
