Cardiff University spin-out gets funded
Article Date: Sep 16 2008MedaPhor, a spin-out company from Cardiff University, has secured funding of £250,000 to develop its ultrasound simulator for commercial launch in the UK and US next year. The simulator will be used to train physicians without the need for ultrasound machines or volunteer patients.
The funding is from existing investor AIM-listed Fusion IP and the Welsh Assembly through its schemes Finance Wales and SMART Wales.
Fusion IP contributed £75,000 to the funding round, increasing its stake in MedaPhor from 32 to 35.2 per cent. Finance Wales, which has co-invested with Fusion IP before, matched the AIM company’s contribution, while SMART Wales offered a grant of £100,000.
Steve Smith, director of development funding at Finance Wales, says, ‘The ultrasound simulator has the potential to save the health service valuable time and money and the product’s universal appeal gives it global potential.’
