Oxford Endovascular, a British MedTech company and spin-out from Oxford University developing a treatment for brain aneurysms that will overcome challenges with existing medical devices, has raised USD10 million in a series A funding round
The funding which was conducted in Pounds Sterling includes a GBP3 million investment from new investors Vulpes Investment Management, who joined to lead the round and funds from the Additio Investment Group. Existing investors Oxford Sciences Innovation PLC, Parkwalk Advisors, Perivoli Innovations, Oxford Investment Consultants, the University of Oxford and private individuals also followed on. The raise will enable the company to complete development work and gain first in-human data through an early feasibility clinical study. This will then set the scene for a further fundraise for larger FDA and CE Mark clinical trials paving the way for entry into various international markets valued at over USD1 billion. The China market for the company’s innovative technology is developing strongly and also presents strong opportunities.
The raise follows on from previous non-dilutive grant funding won, including EUR3 million from the European Union’s prestigious Horizon 2020 SME Instrument and GBP350,000 from Innovate UK, the UK’s innovation agency Smart Grant program. During the Covid-19 crisis in 2020 the company was also one of only seven start-ups across Europe & Israel that won funding in return for options, to the tune of EUR500,000.
Source: Private Equity Wire
