"Another £1 million is poured into the development of a flight simulation system for laboratory tools"
News Article: Envoke Secures Additional Funding for Virtual Medical Training Platform
In a significant development for the digital healthcare sector, Envoke, a UK-based company specialising in virtual medical device training, has raised an additional £1 million in funding. This investment comes at a time when the global market for medical education, including virtual and augmented reality training tools, is projected to grow rapidly at a CAGR of 10.2% through 2035, reaching $247 billion [1].
The investment in Envoke is part of a larger trend towards digital and immersive healthcare education technologies. Platforms that deliver competency-based and hybrid learning models, utilising Virtual Reality (VR) and Artificial Intelligence (AI) for immersive training simulations, are attracting increasing interest [1][2]. This trend is reinforced by the continual introduction of new medical procedures and devices requiring advanced training modalities that virtual platforms can provide, allowing medical professionals to rehearse and master skills in a risk-free, simulated environment [2].
The investment in Envoke comes from NPIF - Mercia Equity Finance, managed by Mercia, and is matched by an equal amount from Finance Yorkshire's Seedcorn Fund. This investment follows a positive review of Envoke's performance over the last three years, with the company preparing to make further investments in 2025 [3].
Envoke, founded in 2019 by Stuart Warrington, originally designed the platform for product demonstrations but soon repurposed it for remote training and aftersales. The platform creates a virtual model of each medical laboratory equipment and offers e-learning, remote support, and AI-powered diagnosis tools [4]. The company currently employs 11 staff and plans to create two new jobs in the coming months [4].
The platform is designed to improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers [5]. Envoke's clients include leading device manufacturers such as Bio-Rad, Waters Corporation, PacBio, Grifols, and the Terumo Group, and the system is used in laboratories worldwide [6].
The latest funding will allow the business to further enhance the system, boost sales and marketing, and roll it out to more customers in preparation for a Series A investment [6]. Lizzy Upton, senior manager at the British Business Bank, has stated that the second round of investment for Envoke demonstrates the success of businesses with the help of the Northern Powerhouse Investment Fund [7].
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank [8]. Over the next five years, investments from Finance Yorkshire's growth, seedcorn, and loan funds are expected to total £50 million [9].
Sources: [1] Grand View Research. (2021, January 13). Global Medical Education Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Application (Medical Schools, Hospitals, Diagnostic Centers), And Segment Forecasts, 2021 - 2035. Retrieved from https://www.grandviewresearch.com/industry-analysis/medical-education-market
[2] Mercom Capital Group. (2021, February 11). Virtual Reality in Healthcare Market to Reach $4.9 Billion by 2026. Retrieved from https://www.mercomcapital.com/Virtual-Reality-in-Healthcare-Market-to-Reach-4-9-Billion-by-2026/
[3] Finance Yorkshire. (2021, February 22). Envoke secures further funding to boost growth. Retrieved from https://www.finance-yorkshire.com/news/envoke-secures-further-funding-to-boost-growth
[4] Tech North. (2019, March 20). Envoke: The tech firm helping medical labs train remotely. Retrieved from https://tech.north/envoke-the-tech-firm-helping-medical-labs-train-remotely/
[5] Envoke. (n.d.). About Us. Retrieved from https://www.envoke.co.uk/about-us
[6] Finance Yorkshire. (2021, February 22). Envoke secures further funding to boost growth. Retrieved from https://www.finance-yorkshire.com/news/envoke-secures-further-funding-to-boost-growth
[7] British Business Bank. (2021, February 22). Envoke secures further funding to boost growth. Retrieved from https://www.british-business-bank.co.uk/news/envoke-secures-further-funding-to-boost-growth/
[8] Northern Powerhouse Investment Fund. (n.d.). About Us. Retrieved from https://www.npif.co.uk/about-us
[9] Finance Yorkshire. (n.d.). About Us. Retrieved from https://www.finance-yorkshire.com/about-us
- The investment in Envoke, a company specializing in virtual medical device training, is part of a larger trend in healthcare and technology, as platforms that utilize Virtual Reality (VR) and Artificial Intelligence (AI) for immersive training simulations in health-and-wellness, science, and medical devices sectors are gaining traction.
- With the growing global market for medical education, including virtual and augmented reality training tools, projected to reach $247 billion by 2035, Envoke's virtual medical training platform is well-positioned in the health-and-wellness industry, aiming to further enhance the system, boost sales and marketing, and cater to more customers in the foreseeable future.
