Cipher Surgical raises £1m
Cipher Surgical, based at the University of Warwick Science Park’s Venture Centre, has secured funding worth more than £1m from a network of investors.
The company said it will use the funding to launch a new medical product called OpClear.
Of the most recent investment secured, £100,000 came from the University of Warwick Science Park’s Minerva Business Angel Network, and a further £125,000 from Midven, the West Midlands specialist venture capital company.
The OpClear product has been developed to address a common problem associated with cameras used during stomach surgery.
Andrew Newell, managing director of Cipher Surgical, said: “Angel investment is vitally important to start-up businesses like ours as other sources of funding are simply not available anymore,” he added.
“This investment will allow us to market the product to the global medical industry and we hope to have it fully launched by 2014.”
In the last 12 months the Minerva Business Angel Network has completed nine investments raising in excess of £2m.
