Inovus Medical raises £15M to expand surgical training in the US

What's the deal? St Helens-based Inovus Medical has raised £15 million to fund international expansion, led by around £7 million from NPIF II — PXN Equity FinanceDealroom has a profile for this one. Try Dealroom →, managed by PXN VenturesDealroom has a profile for this one. Try Dealroom → under the Northern Powerhouse Investment Fund IIDealroom has a profile for this one. Try Dealroom →. The round also drew follow-on backing from MerciaDealroom has a profile for this one. Try Dealroom → and HayfinDealroom has a profile for this one. Try Dealroom →, new investment from Texas-based Unorthodox VenturesDealroom has a profile for this one. Try Dealroom →, and almost £1 million from the Liverpool City Region Life Science Innovation Zone.

What does the company do? Founded in 2012 by surgeon Dr Elliot Street and engineer Jordan Van Flute, Inovus builds surgical training simulators. Its lifelike anatomy models use hydrogel materials and run on TOTUM, a software platform that lets surgeons track their training and get feedback from mentors online.

What's the endgame? The company aims to replace what it calls outdated learning methods, such as operating room and bedside demonstrations, which it says put patients at greater risk. Its technology is already used across the NHS and in nearly 300 US residency programmes.

What's the money for? Inovus will grow its US presence in the general surgery skills market, enter new overseas markets, and extend its technology to more surgical specialties. It has partnered with the Royal College of Surgeons England and the American Association of Gynecologic Laparoscopists to deliver standardised training.

Why now? "We are at an exciting inflexion point for the business having invested heavily in our operational and technology infrastructure over the last 24 months," said Street, chief executive of Inovus. "We are now poised to drive commercial growth across our key territories and surgical specialities with this new investment."

The signal: The mix of regional public funds, a US medtech investor, and returning backers points to growing confidence in simulation-based training as a route to safer surgery — and to northern England's medtech scale-ups reaching for North American markets.

Read more: lbndaily.co.uk

Image credit: Generated with Gemini