- Company number:
- Incorporation date:
- May 2010
- Company type:
- Private Limited
- Registered Address:
The Venture Centre
Sir William Lyons Road
Cipher Surgical has developed a unique piece of technology to make keyhole surgery (laparoscopy) quicker and safer for both surgeons and patients.
The company’s OpClear® device uses a patented technology for directing a short controlled jet of CO₂ and saline across the laparoscope’s lens to solve one of the main problems during operations: how to keep a laparoscope lens clear of contaminants (condensation, blood, tissue, fluids etc.) during a procedure, without removing the scope from the patient.
As OpClear® allows surgeons to clean the end of the laparoscope without removing it from the abdomen, it reduces surgical risk, and improves theatre productivity while optimising hospital resources.
Cipher Surgical was established in the West Midlands in 2010 and the Opclear is launching in the UK and EU in 2015. With a management team that is highly experienced in the development and commercialisation of innovative medical devices, the company is well positioned to expand its distribution network and to supply hospitals worldwide.
To date, the company has received £4 million of investment (equity and grants) and substantial backing from industry experts and business angels and is now raising additional funds for working capital to scale up its operations.
The company has already exceeded the 2015 round’s £1 million fundraising target, having successfully secured £1.4 million in a rolling close throughout the year from the Angel Co Fund, Healthcare syndicate and existing shareholders at a pre-money valuation of £7 million. Resulting cash at bank is around £800,000.
VentureFounders is supporting this EIS eligible round with a £250,000 incremental raise on the same terms. There is no minimum raise amount and any commitments from VentureFounders investors to the transaction will be funded at closing, expected to occur in Q4 2015.
Cipher Surgical will use the proceeds of this fundraising for working capital to support the completion and launch of OpClear in Europe and the FDA submission for US market entry. The company is planning a larger raise in 2016 to support its US rollout.