A UK medtech company whose device could revolutionise knee replacement surgery has raised a further £3.8m from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), Mercia’s EIS funds and private investors including leading surgeons.
The funding will enable Eventum Orthopaedics to build stocks of its product following its launch in the UK, US and New Zealand and to help it develop two new devices.
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 company has now appointed distributors in both countries and in a number of other key international markets, and it is developing similar devices for shoulder and hip operations.
Eventum, which employs a team of ten at its headquarters in Ilkley, Yorkshire, was founded in 2020 by former medical executives John Naybour and Paul Atherton. The latest funding round is the third led by Mercia Ventures and NPIF and brings the total raised by the company to over £7m.
