UK-based medtech Eventum Orthopaedics has raised £1.4 million in funding, which it will use to bring its sensor technology for patients recovering from knee replacement to market.
The company’s device uses sensor technology and aims to improve outcomes in patients who have undergone total knee replacement surgery. Around two million patients have a total knee replacement each year and is this is expected to increase to 3.5 million people annually by 2030.
Studies suggesting that as many as 20 per cent of patients are dissatisfied with the result of their surgery.
The fundraising was led by NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund managed by Mercia, and private investors.
Following the investment, the Eventum team will finalise the development of the technology, having already created early prototypes, before bringing the product to market in 2022. The investment will also see Alan Ashby appointed as Eventum’s Non-Executive Chair.
Eventum CEO John Naybour commented: “I have spent my working life involved in developing products to improve total knee surgery. It is exciting to be part of a small med tech start up with a big vision to deliver accessible innovation to improve patient outcome for total knee patients across the globe.”
Mercia’s Tom Kitchen added: "With a more active, ageing population, demand for total knee replacements is growing rapidly but clearly success rates need to improve. Eventum's device could offer a solution by removing the guesswork from surgery and providing accurate measurements. This is an exciting development and the fact that surgeons themselves are willing to invest in it is a major vote of confidence."