Fundraising secures an additional £1 million for a flight simulator designed for laboratory equipment
In the heart of the UK, Envoke, a groundbreaking company in the medical device industry, has developed an advanced platform that streamlines laboratory training and equipment maintenance. This innovative solution, which integrates interactive training modules with real-time equipment monitoring and maintenance schedules, has garnered the attention of leading device manufacturers such as Bio-Rad, Waters Corporation, PacBio, Grifols, and the Terumo Group.
Envoke's platform offers a virtual model of medical laboratory equipment, e-learning opportunities, remote support, and AI-powered diagnosis tools. This cutting-edge technology is making a measurable difference to the local economy by working with more partners and businesses in the region.
Following the launch of a new module, the company has almost doubled its annual recurring revenue in the past 12 months. This growth has been further bolstered by investments, with Envoke raising an additional 1 million GBP in 2023. The investment was made by NPIF - Mercia Equity Finance, contributing 500,000 GBP, and Finance Yorkshire's Seedcorn Fund, contributing another 500,000 GBP.
The Northern Powerhouse Investment Fund project, supported financially by the European Union, has played a significant role in these investments. Finance Yorkshire, an integral part of this project, is planning to make further investments in 2025 after a positive review of its investment performance over the last three years.
Since its inception in 2019, Envoke, founded by Stuart Warrington, has grown from a company designed for product demonstrations to a global force in the medical device industry. The system is now used in laboratories worldwide, including in the NHS, other health services, and leading universities.
Envoke's platform has been instrumental in creating and safeguarding over 700 jobs over the last three years, as Finance Yorkshire supported 55 SMEs during this period. The company plans to create two new jobs in the coming months and aims to further enhance the system, boost sales and marketing, and roll it out to more customers before a Series A investment.
This innovative approach aligns with broader industry trends, where medical technology companies are enhancing operational workflows in labs by integrating training and maintenance into a unified, often cloud-based system. This integration ensures regulatory adherence, improves patient safety outcomes, and streamlines laboratory operations.
Other similar investments in the medical device manufacturing sector include Eventum Orthopaedics securing £3.8m, a sensor company raising investment to launch a new fitness monitor, and the Development Bank of Wales supporting a medtech business with a £500k investment. The British Business Bank's senior manager, Lizzy Upton, has stated that the second round of investment for Envoke is a testament to the importance of external finance for growth.
In conclusion, Envoke's innovative platform is revolutionizing the medical device industry by offering advanced digital solutions for laboratory training and equipment maintenance. This technology, which has already made a significant impact on the local economy, is expected to continue its growth trajectory in the coming years.
- The advanced digital solutions offered by Envoke's platform in the health-and-wellness sector, such as AI-powered diagnosis tools and virtual models of medical laboratory equipment, are rooted in science and technology.
- The success of Envoke, a medical device company, in the UK has attracted investments from notable sources, like NPIF - Mercia Equity Finance and Finance Yorkshire, demonstrating the intersection of science, technology, and business in the health-and-wellness industry.
