Yorkshire-based Eventum Orthopaedics has raised £2.5m in a Series A round for its knee replacement surgery device that lets orthopaedic surgeons record the strength of a person’s quadriceps muscle.
The measurement can assist surgeons when positioning a person’s kneecap during knee replacement surgery.
John Naybour, CEO and co-founder, Eventum Orthopaedics, said: “We are now excited to start scaling up the team to commercialise the product, as well as bringing further innovations to the orthopaedics market.”
Founded by Naybour and Paul Atherton in 2020, the medtech company hopes its leg device will provide a better outcome for the approximately two million knee replacement surgeries that take place every year around the world.
The Series A round attracted investment from orthopaedic surgeons, along with NPIF – Mercia Equity Finance, Mercia’s EIS funds, and additional private investors.
“Eventum is pioneering a new approach using sensor technology and machine learning to provide accurate measurements and remove the guesswork associated with current procedures,” said Connie Smith of Mercia.
Based in Ilkley, Bradford, Eventum Orthopaedics’ leg surgery device has been used with robotic surgery in 20 procedures in New Zealand.
Eventum Orthopaedics will spend the Series A funds on the production of its device, gaining US regulatory approval and increasing its team from five to twelve.
Keira Shepperson, director of the British Business Bank, said: “This investment not only benefits the medical industry, but also the North’s economy and reputation as a hub for cutting-edge medical innovation, creating jobs and driving growth in the region.”