University spin-out Invizius gets funding for dialysis treatment
Patient capital: Dr Eliza Makou, Dr Andy Herbert, Richard Boyd, Dr Magnus Nicolson
Invizius, a University of Edinburgh spin-out whose technology could help reduce the high death rates amongst dialysis patients, has raised £2.75 million from a consortium of investors.
The funding round was led by Mercia and included Downing Ventures, the University’s Old College Capital fund and the Scottish Investment Bank.
It will support the company as it conducts pre-clinical testing and manufacturing, and prepares to enter clinical trials and to raise Series A funding within 18 months.
Invizius’s technology stems from research by the company’s co-founder and CTO, Dr Andy Herbert, and his team.
Richard Boyd, co-founder and CEO of Invizius, said: “Our goal is to bring much-needed improvement to the lives of three million dialysis patients. This investment allows us to take a big step towards this, and we are delighted to have won the backing of a consortium of smart, well-funded investors.”
Invizius was Mercia’s first investment following its partnership with the University of Edinburgh. Since its initial £500,000 investment in April last year, it has worked with the company to develop its offering and attract other investors.
The Mercia team was led by Dr Nicola Broughton, head of universities, and Marcus Henderson, investment director. Ms Broughton said:“Invizius is a great example of how Mercia can ‘seed’ a university spin-out and build it to attract the attention of high-quality investors.
“With our sector knowledge, experience with early-stage businesses and local presence in the market, Mercia is ideally placed to work with Invizius, and others like it, to create new Scottish success stories.”
The Invizius team is supported by Edinburgh Innovations (EI), the University’s commercialisation service. EI has also helped develop the partnership between Mercia and the University, and manages Old College Capital.
Dr George Baxter, Chief Executive Officer of Edinburgh Innovations, said: “This substantial investment reflects the great promise we’ve seen in Invizius from the initial identification of novel science, and the University is pleased to join the consortium in backing this technology, which holds so much potential for so many people.”
Invizius received early-stage funding from Scottish Enterprise’s High-Growth Spinout Programme, with the agency now following this up with support from its investment arm, the Scottish Investment Bank (SIB).
SIB director Kerry Sharp said: “Invizius has built a reputation, both domestically and internationally, as one of the world’s most promising MedTech companies in a very short space of time.
“The investment the company has attracted is testament to the momentum gained in developing its potentially life-saving technology. We look forward to supporting Invizius through the next stage of its growth journey.”