Press Release
The Engineer
Microvisk funding round raises £2.5m investment
9 September 2010
Microvisk Technologies has raised £2.5m through a rights issue to existing investors
The round included investment from Oxford Technology Management, Porton
Capital, New Hill, Midven, the Rainbow Seed Fund, Finance Wales and private
investors. In January, Microvisk secured £2m from new and existing
investors.
Microvisk is developing what is claimed to be the world’s first medical
diagnostic strip based on a Micro-Electro-Mechanical System (MEMS).
Microvisk’s ‘SmartStrip’ uses sensors to work out the clotting speed of blood from a finger-prick sample and the results are displayed on a handheld reader.
Trials of the prototype device are said to be progressing and Microvisk
will use the new capital to finalise product development and start the
testing necessary to secure regulatory approval in Europe and the US.
The company says it is on track to launch the SmartStrip system onto
the market in 2011.