Fusion invests in next generation
FUSION, the Sheffield firm that turns academic research into business, said today it had co-invested £75,000 in a spin-out company which specialises in producing innovative training products for postgraduate medical professionals.
MedaPhor – a spin-out company from Cardiff University – produces products which include advanced tutorials for learning or improving ultrasound examination technique.
Alongside this investment, Finance Wales announced it had co-invested £75,000.
In addition, MedaPhor has also received a £100,000 grant from SMART Wales, the Welsh Assembly Government’s Award scheme to boost innovative or exploratory ways of solving practical problems, bringing the total investment into MedaPhor to £250,000.
MedaPhor is developing a portable ultrasound simulator that enables ultrasound training of physicians to take place without utilising ultrasound machines, which are in heavy demand, or volunteer patients.
The ultrasound simulator enables trainees to perform virtual reality gynaecological ultrasound examinations, using a virtual probe that conveys the realistic sensation of contact with a live body. This technology will reduce the hands-on patient contact required to achieve full competence.
The investment will be used to further develop the simulator for commercial launch into the UK and US markets in 2009.
Prior to this round of investment, Fusion owned 32% of MedaPhor – now it owns 35.2%.
David Baynes chief executive of Fusion said: “MedaPhor is attracting significant recognition for its portable ultrasound simulator for physician training and is a good example of the innovative technologies that are originating from Cardiff University. We are pleased to be working with Finance Wales to develop such ideas into commercial products and look forward to providing further updates next year.”
MedaPhor chief executive Roger Fickling said: “There is currently a global shortage of trained ultrasound practitioners and as a result, effective ultrasound training that doesn’t require the use of a hospital ultrasound machine is in strong demand. MedaPhor has made significant progress with its core simulator technology and with this fundraising round, expects to be able to launch commercially the simulator into the UK and US markets next year.”
Fusion recently changed its name from Biofusion to reflect its enlarged business, which includes more than 20 portfolio companies based on IP from clean tech energy and renewables to engineering and medical technology.
