Brain scanner manufacturer set for export growth with seven-figure funding package
A manufacturer of medical brain scanners is targeting overseas growth with the assistance of a seven-figure funding boost from HSBC UK.
Established in 2015, York Instruments designs and manufactures medical brain scanners for the diagnosis and treatment planning of epilepsy and other brain disorders, as well as brain tumours and sporting injuries.
The York-based business will use the funding to increase the production of scanners, meeting demand from customers in North America, including sports organisations such as the National Football League.
The firm’s magnetoencephalography (MEG) technology was originally developed by members of the York Neuroimaging Centre, based at the University of York. Three years later, York Instruments now produces scanners that incorporate high performance cryogenics, sensors, electronics and software.
York Instruments, which employs 46 staff at its headquarters in York, said that the funding will also result in a boost in turnover and the creation of jobs in the next 12 months.
John Fulford, chief operating officer of York Instruments, said: “We’re a young business so it was critical that we secured the necessary capital to help finance the build of our new scanner to meet customer orders.
“There are currently just 200 MEG scanners world-wide but we believe there is a potential market for over 2,000 units – so we have significant opportunity for growth. With HSBC UK’s backing we’re ideally positioned to push forward with plans to capture this market.”
York Instruments also has offices in London, Helsinki and Florida.
Tom Sikora, HSBC UK’s relationship director for corporate banking, added: “York Instruments is a great example of the type of dynamic and export hungry businesses we’re proud to support.
“The company is a highly specialised manufacturer that is focused on pursuing innovation and looks to the global marketplace to do business. We’re excited to see what the next year has in store for it.”M
The deal was part of HSBC UK’s £12bn lending fund to support SMEs in the UK, with £1.05bn committed to businesses in Yorkshire.