NanoFlex Limited, an early stage sensor design company, has secured £250,000 of funding from NPIF – Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF).
The fund is delivered by MSIF working with Maven Capital Partners in the Liverpool City Region.
NanoFlex is a sensor design company that has developed a patented diagnostic sensor technology.
The business is based at Sci-tech Daresbury, and will be using the funding to explore new business opportunities for the technology to develop a pipeline of products.
The technology is based on nanoscale electrodes that are capable of measuring a range of biomarkers present, such as glucose and lactose, in much smaller quantities than had been previously possible.
As a consequence, it is possible to measure these biomarkers in body fluids, such as sweat and saliva, which means that non-invasive measurement methods are possible.
NanoFlex’s technology will be capable of addressing both the healthcare and fitness/well-being markets.
In the near future the company envisages that its technology could be used as a monitoring tool in the wound-care market and for the monitoring of sepsis; the company are already working with Alder Hey hospital.
Neville Freeman, NanoFlex CEO, said:
“We have integrated our enabling technology into customer’s products for the healthcare market. We expect the first volume manufactured products to reach the market Q1/Q2 2018. We are very excited to receive this funding as it will enable us to accelerate the roll out of our technology and we expect to see more devices featuring NanoFlex innovation in the near future.”
Andy Round, MSIF Investment Director, who delivered the investment on behalf of Maven Capital Partners, said:
“We are delighted to be able to support NanoFlex and allow them to continue working on further developing their diagnostic sensor technology.
“The technology they are working on could have a massive impact on our health sector, so I’m excited to see what Neville and the team design in the near future.”
Ken Cooper, Managing Director at British Business Bank, said:
“The North of England is home to a number of exciting tech businesses that are delivering real innovation to the market. The British Business Bank and our NPIF fund managers recognise the potential of this relatively untapped source and its significance to the success of the Northern Powerhouse initiative.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.