Yorkshire-based MedTech Eventum Orthopaedics has raised a further £3.8m to build stocks of its product following its launch in the UK, US and New Zealand.
The funding, which comes from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), will also help the firm develop two new devices.
The company also says that its current device could revolutionise knee replacement surgery.
Eventum’s QuadSense device helps surgeons to precisely cut and place the kneecap in total knee replacements.
Currently, over 2 million patients a year have knee replacements globally, yet around 20% are not fully satisfied with the outcome.
Eventum believes the key to improving success rates is the position of the kneecap, which plays a crucial role in the knee’s function.
QuadSense, which is the only device that provides surgeons with real-time data on the position of the kneecap, has already gained regulatory approvals in the UK and US and been used in over 300 procedures.
The firm was founded in 2020 and it has now raised three funding rounds led by Mercia and NPIF, bringing its total funding raised to £7m in just five years.
“Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied,” said John Naybour, founder and CEO, Eventum Orthopaedics.
“Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”
Robert Hornby, investment director at Mercia Ventures, added: “Eventum’s product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5,000 and £6,000 for each case.
“Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.”