Yorkshire, a UK-based medtech company which has developed a device for knee replacement surgery, Eventum Orthopaedics, raised GBP 2.5 million in Series A funding. The round took place on March 16, 2023. NPIF – Mercia Equity Finance, managed by Mercia and a part of the Northern Powerhouse Investment Fund, led the financing for the firm. Meanwhile, Mercia’s EIS funds and private investors, some of whom are orthopaedic surgeons, joined in the round.
Purpose of financing for Eventum Orthopaedics
With the latest capital injection from the Series A round, Eventum Orthopaedics seeks to continue to begin production of its product offerings. It intends to commercialize its operations.
It also has plans to expand its sales and technical team. The medtech firm aims to expand its team count from five to twelve. Meanwhile, the company intends to apply for FDA approval in the USA.
What the company’s official has to say
John Naybour, CEO and co-founder, Eventum Orthopaedics, said, “We are now excited to start scaling up the team to commercialize the product, as well as bringing further innovations to the orthopaedics market.”
What the investors have to add
Connie Smith of Mercia said, “Eventum is pioneering a new approach using sensor technology and machine learning to provide accurate measurements and remove the guesswork associated with current procedures.”
In addition, Keira Shepperson, director of the British Business Bank, said, “This investment benefits not only 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.”
About Eventum Orthopaedics
John Naybour and Paul Atherton launched the company in 2020. The UK–based company aims to provide a better outcome for the approximately two million knee replacement surgeries with its leg device. The company provides Quadsense, a device that measures the forces of a patient’s quadriceps muscles. The examination runs before and during surgery. It enables surgeons to position the kneecap in such a way that the patient retains the same muscle balance as well as regains normal knee function. It has now achieved UK CA approval, in addition, to the ISO13485 standard for medical devices.
Eventum Orthopaedics’ leg surgery device has been used with robotic surgery in 20 procedures in New Zealand.
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