St Helens-based Inovus manufactures a range of affordable and versatile medical and surgical training products that are used by doctors and surgeons to more than 35 countries across the world. Tony McDonough reports
A medical device company that was started from a garage in 2012 and now sells to more than 35 countries has secured new funding totalling £200,000 – with new jobs in the pipeline.
St Helens-based Inovus manufactures a range of affordable and versatile medical and surgical training products that are used by doctors and surgeons across the world.
The business was created by two directors, Dr Elliot Street and Jordan Van Flute, who have successfully grown their start-up into a leading name in healthcare simulation.
Inovus has secured £80,000 of funding through the NPIF – BFS & MSIF Microfinance Fund, part of the Northern Powerhouse Investment Fund which is supported by the European Regional Development Fund.
This investment was managed by MSIF and was part of a larger funding round totalling over £200,000.
The business is using the cash to help expand its manufacturing facility to cater for their ever-increasing product range. The funding also supports an increase in staffing as demand for the Inovus product range grows.
It is expected that the funding will help grow the Inovus workforce by more than 50% in the next year.
Dr Street said: “The process of raising funds through NPIF was relatively streamlined which meant we were able to secure funding at a crucial time to support the launch of two of our new products, the Sellick cricoid pressure trainer and the SmartMan range of CPR manikins.
“We have already noticed the positive effects of the funding and look forward to continued growth into the New Year.”
Andy Jones, investment manager at MSIF, said: “Both Elliot and Jordan are great business men; they are young and ambitious and have successfully established Inovus as an innovative company within the healthcare sector.”
MSIF has also announced the appointment of John O’Brien as its new non-executive chairman. He succeeds the Andy Rigby, who has retired from the board.
As a partner at accountancy giant KPMG, Mr O’Brien led a radical change, reshaping his business areas by merger, acquisition and significant recruitment.
His client base included corporate heavyweights such as Princes Foods, Arriva, United Utilities and Amec.