Startup Inovus Medical Secures 6-Figure Investment to Expand Development of Innovative Surgical Trainers
Uncommon to healthcare simulation is the launch of a new startup to further push the boundaries of emerging technologies. Even more rare is to learn they are succeeding enough to warrant external investment capital! Today, Healthysim brings good news that UK-based Inovus Medical has received £200,000 ($235,000 USD) from the Northern Powerhouse Investment Fund (NPIF), part of which came through the European Regional Development Fund.
Inovus Medical is using the funding to help expand its manufacturing facility to cater for its growing product range. The money is also supporting an increase in staff. It is expected that the funding will help grow the Inovus workforce by more than 50 per cent in the next year.
Dr Elliot Street, managing director of Inovus, said: “The process of raising funds through NPIF was relatively streamlined, which meant we were able to secure funding at a crucial time to support the launch of two of our new products, the Sellick cricoid pressure trainer and the SmartMan range of CPR manikins. We have already noticed the positive effects of the funding and look forward to continued growth into the new year.”
Andy Jones, investment manager at MSIF, said: “Both Elliot and Jordan are great businessmen; they are young and ambitious and have successfully established Inovus as an innovative company within the healthcare sector.
“I’m really happy that MSIF were able to assist them as they reached the stage where they were ready to scale up the business. Inovus has already grown due to the funding, and they should expect even larger levels of growth through 2018. I wish them all the best and look forward to seeing more of their innovative ideas come to fruition.”
The NPIF project is supported financially by the EU using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Inovus was created, exists and is driven forward with a clear vision. That vision is to improve access to high quality, affordable and versatile surgical training equipment across the globe. We believe that by improving surgical proficiency through increased access to training, patients across the globe will receive improved care; impacting positively on their quality of life. The idea that our products may contribute to an improved quality of life of people across the globe is a true motivator and has driven us to totally innovate and revolutionize the fundamentals of surgical training.
Medical devices are developed on a daily basis by clinicians as part of PHD and Post doctoral research projects. These products almost always end up being shelved, never successfully reaching the healthcare market and as such the patients. Inovus bridges the gap between Universities and the healthcare sector by acting as the manufacturer, marketer and distributor for these otherwise lost products.
Products Currently Available from Inovus
- Laparoscopic Simulators & Accessories
- Basic Surgical Skills Trainers
- ALS Manikins
- BLS Manikins
- Sellick – Cricoid Pressure Trainer
- Arthroscopic Simulator
Of course, as the group gathers new IP and prototypes from innovators, the product line of Inovus will continue to grow! HealthySim is confident we will be hearing more about this company on a global level soon.
Lance Baily, BA, EMT-B, is the Founder & CEO of HealthySimulation.com, which he started while serving as the Director of the Nevada System of Higher Education’s Clinical Simulation Center of Las Vegas back in 2010. Lance is also the Founder and acting Advisor to the Board of SimGHOSTS.org, the world’s only non-profit organization dedicated to supporting professionals operating healthcare simulation technologies. His new co-edited Book: “Comprehensive Healthcare Simulation: Operations, Technology, and Innovative Practice” is available now. Lance’s background also includes serving as a Simulation Technology Specialist for the LA Community College District, EMS fire fighting, Hollywood movie production, rescue diving, and global travel. He lives with his wife Dr. Abigail Baily in Las Vegas, Nevada with their newborn daughter and two crazy dachshunds.