VentureFounders helps Cipher Surgical to raise £1.8 million
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 to keep a laparoscope lens clear of contaminants (condensation, blood, tissue, fluids etc.) during an operation, without removing the scope from the patient – one of the key problems faced by surgeons during keyhole surgery.
In an industry estimated at £44 billion with no single versatile solution to lens contamination, the company estimates the addressable market for its OpClear® device to be c.13 million procedures, worth £900 million.
With a management team that is highly experienced in the development and commercialisation of innovative medical devices, the company is well positioned to exploit the market opportunity and rapidly expand its distribution network and to supply hospitals worldwide.
The team is led by Andrew Newell (MD), who has worked as a venture capitalist for over 23 years, specialising in intellectual property, most recently within the healthcare field.
Prior to this fundraise, Cipher Surgical had received £4 million of investment (equity and grants) and substantial backing from industry experts and business angels.
The company was looking to raise additional funds for working capital to scale up its operations, as well as support the launch of its OpClear® device in Europe and its FDA submission for US market entry.
VentureFounders aimed to contribute £250,000 to this EIS eligible fundraise, adding to £1.4 million funds raised from the Angel Co Fund, Healthcare syndicate and existing shareholders.
After an extremely successful fundraise, the company decided to accept an overfund, closing the round at £1.8 million.
VentureFounders was particularly impressed with the innovative nature of the OpClear® device, validated through pre-clinical trials, and strong patent portfolio. The product also provided a strong business case for hospitals to purchase the product, based on reducing risk, saving money and improving patient outcomes.
“Cipher Surgical is an ambitious company at an important point in its expansion plans. The company clearly resonated with VentureFounders investors, which is proven by the amount of overfunding the campaign took in such a short time.”JAMES CODLINGCO-FOUNDER OF VENTUREFOUNDERS
“We are delighted by the traction we received from our fundraise on VentureFounders. VentureFounders supported the fundraise throughout, from promotion in the media through to organising events and investor round-tables where they connected us to high profile, sophisticated investors.”ANDREW NEWELL
CEO OF CIPHER SURGICAL
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