The round was oversubscribed, exceeded Creavo’s funding target and was strongly supported by existing shareholders including IP Group plc, the University of Leeds, and new, private and institutional investors from Europe, the USA and China, including Puhua Capital Ltd, a leading Venture Capital firm in China with a strong presence in the healthcare sector.
The funding will be used to continue growing the Creavo business and moving towards a full commercial launch in Europe including concluding its clinical study in the UK, building its US operation and associated clinical study and conducting further research to expand the use of its technology into other applications.
Creavo is a UK-based med-tech company that has developed a uniquely deployable diagnostic technology, using magnetocardiography (MCG) to measure, display and store electromagnetic fluctuations caused by heart activity, using extremely sensitive detectors. It is estimated that its Vitalscan device, which can more accurately ‘rule out’ heart-related problems at point of admission to emergency departments, could save the NHS £200 million a year.
Creavo’s core technology has a range of potential applications outside of emergency detection and diagnosis, and could play a large role in helping to better understand and predict the arrhythmias that can result in sudden cardiac death, as well as further diagnostics in other organs.