Metrasens, which supplies metal detection products to the healthcare and security markets, has secured £1.5 million from Octopus Ventures.
The investment is from Octopus’s Titan VCTs, together with the firm’s Eureka EIS service and the Octopus Investor Group.
Founded in 2005 by two former employees of defence company QinetiQ, Metrasens has developed products for use in MRI units in hospitals, as well as for other niche applications such as street knife detection.
Simon Goodyear, CEO of the West Midlands-based company, says, ‘The experience that comes alongside the investment from Octopus will ensure that Metrasens can successfully deliver on the planned expansion in the US medical market and further develop its product lines into the security sector.’
Octopus manages £250 million in VCT and EIS funds, as well as £30 million of the government’s Capital for Enterprise Fund.