Inotec AMD, a Cambridge based fast-growing medtech business that has developed a novel device capable of healing complex chronic wounds, has secured investment of £7m.
The funding round wasled by Praetura Capital, with involvement from Boundary Capital Partners LLP.
Following several successful clinical trials, Inotec AMD is looking to grow its foothold in the US, Asia, the Middle East and Europe. The business currently provides products to the NHS and health providers in key markets including the US, Italy, Southeast Asia and the Middle East.
Boundary Capital Partners LLP is based in London and Cambridge and was excited to be part of this medtech growth story. Existing investors include Amadeus Capital Partners, Puhua Capital. A group of high-net-worth angel investors joined Praetura Ventures in making up the £7m round.
The funding will enable Inotec AMD to build on its recent growth and target new international markets.
Craig Kennedy, CEO at Inotec AMD, said: “The UK alone spends £3.1bn on treating chronic wounds each year, while the US spends $50bn. Add to this the significant escalation in costs, not to mention the considerable distress to patients and families if the only course of treatment for non-healing wounds is amputation. It’s clear that there’s a real need for innovation in this area.
“We’re proud to have developed a product with the potential to revolutionise wound care and significantly minimise pain and suffering for millions of patients worldwide. Our next step is to continue our momentum by continuing to expand into new territories.”
Dan Somers, Managing Partner at Boundary Capital Partners, added: “Our mantra is to back dynamic businesses led by highly skilled, respected and entrepreneurial management teams.
“We’ve been really impressed by the determination of the team at Inotec AMD to change wound care for the better. We are particularly focused on investments that make a real impact on people’s quality of life and Inotec AMD certainly ticks that box.”