Michelson Diagnostics attracts £1.7 million

Medical equipment and scanner company Michelson Diagnostics has received funding of £1.7 million from Octopus Investments.

The firm invested from its Titan VCT funds and the Eureka EIS Portfolio Service.

Michelson will use some of the money to make a number of scanners which will be placed with medical professionals to assess their effectiveness. The scanners, which are intended to help doctors diagnose and treat skin cancer non-invasively, have already been approved by European and US regulators.

In addition, part of the investment from Octopus will fund the establishment of a sales infrastructure in the UK and USA.

Kent-based Michelson Diagnostics was founded in 2006 by CEO Jon Holmes and four colleagues.

Law firms Shoosmiths and Rawlinson Butler advised Octopus and Michelson respectively on the deal. Investor due diligence was conducted by Mayfield Consulting and DataPoint Research.