Belfast medtech company secures £2.4m in funding round
Belfast-based medtech company axial3D is to create eight new jobs after the completion of a series a funding round that netted the company £2.4 million.
The company has developed an automated 3D printing solution for the healthcare sector which is dramatically advancing the standards and efficiency of surgery worldwide.
The financing round was led by London-based Imprimatur Capital Fund Management, a cohort of angel investors made up predominantly of surgeons, and Techstart Ventures through its TechstartNI fund. Other early stage investors include Clarendon Fund Management, through its Invest NI fund, Co-Fund NI, and Innovation Ulster.
Daniel Crawford, CEO, axial3D, said: “The closure of this investment round marks an important milestone for our company. It will accelerate our growth within new markets and enable us to bring our 3D printing solution to more healthcare organisations, helping them to drive down costs, improve compliance and ultimately, enhance patient care.
“Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand. Following our recent collaborations with Tallahassee Memorial Healthcare and University Hospital Basel, we will focus attention on the North American and European markets, recruiting more talent for our base in Belfast and continuing to innovate to find new ways to bring 3D printing on demand to the entire healthcare sector.”
Axial3D’s key aim is to deploy artificial intelligence techniques within its software, reducing pre-production time and enabling more healthcare institutions to benefit from the use of 3D-printed models.
The global 3D printing medical devices market is set to grow over 23% in the next five years, largely due to the increasing adoption of 3D printing technology within the medical sector.