Bristol-based Micrima has raised an additional £4.4m in equity funding led by Technology Venture Partners, The Angel CoFund and Venture Founders.
The round, which also drew the support of existing and new backers, brings the company’s total to £10.7m.
Micrima’s proprietary and patented MARIA breast cancer screening technology is being used in symptomatic clinics and is intended to eventually be widely adopted as a viable alternative to mammography breast screening.
Roy Johnson, Micrima’s executive chairman, commented on the news: “I am very happy to announce the completion of our latest funding round, which provides us with the capital we need to move our initial MARIA product into full commercial launch and follow this swiftly with the enhanced functionality that the system is capable of achieving.
“The market has been prepared over the past 18 months through the publication of our historical clinical trial data, and attendance at numerous congresses and trade shows to showcase our breakthrough technology. As a result, we have many influential clinicians and partners anticipating the launch of MARIA later this year. We look forward to putting the product we have worked so hard to create into their hands for the first time,” he added.
The money raised will be used to continue developing Micrima’s radiowave breast imaging system in a bid to make breast screening safer, more comfortable and more accessible to a larger proportion of the world’s female population.
Idinvest Partners announces €350m digital fund
Additionally, the startup says it is looking at a full commercial launch of the MARIA system later this year.
Nick Simmonds, partner of Technology Venture Partners, said: “The success of this fund raising comes at a pivotal point in the development of Micrima as the company seeks to commercialise the MARIA Breast Imaging System and build out clinician advocacy at Key Opinion Leading Clinics in the UK and Europe. We are proud to show our ongoing support for the company and the team as they further develop this important technology and we look forward to future success”.
Tim Mills, Investment Director at ACF, said he was delighted to be part of the funding round. “Micrima has had great success in clinical trials and the team’s work in bringing this important technology to fruition has been extremely impressive. The Angel CoFund is proud to offer its continued support as the company reaches this exciting landmark in its history,” Mills noted.
James Codling, co-founder and MD of VentureFounders, said his team was struck by the company’s ‘experienced’ and ‘industry-leading team’.
“Micrima is anticipating a large and growing market around the world – this raise will allow it to work towards commercialisation and potentially make breast cancer screening accessible to a wider group of women,” he concluded.