Lab equipment flight simulator secures additional £1 million in funding
The European Investment Bank is lending its support to the Northern Powerhouse Investment Fund (NPIF) project, which aims to fuel the growth of innovative companies in Northern England. One such company is Enveke, a UK-based firm specialising in software for medical staff training and troubleshooting lab equipment, often referred to as a 'Flight simulator for lab equipment.'
Recent developments in AI-powered medical device training platforms have focused on enhancing the effectiveness and accessibility of training for healthcare professionals. Enveke's platform, a prime example of this innovation, integrates advanced AI algorithms with virtual and augmented reality technologies to simulate real-world medical scenarios. This enables users to practice device operation and procedural workflows safely and repeatedly.
The platform, which creates a virtual model of each machine, is the only one of its kind for e-learning on medical devices. It also allows manufacturers to offer remote support, reducing the need for site visits, and includes an AI-powered diagnosis tool for self-resolution of many problems.
Enveke has received significant backing from investment entities, including the NPIF, Finance Yorkshire, and Mercia Equity Finance. The NPIF, a fund supporting innovative companies in Northern England, helped Enveke scale with growth capital. Finance Yorkshire, a regional growth fund, invested 500,000 GBP in Enveke, matched by an equal amount from NPIF - Mercia Equity Finance.
These investments underscore confidence in Enveke’s approach and the broader potential of AI-powered training platforms to transform medical education and device adoption. In fact, following the launch of a new module, the company has won a host of new clients and almost doubled its annual recurring revenue in the past 12 months.
Envoke currently employs 11 staff and plans to create two new jobs in the coming months. The latest funding will allow the business to further enhance the system, boost sales and marketing, and roll it out to more customers in preparation for a Series A investment.
The Northern Powerhouse Investment Fund project is financially supported 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. Finance Yorkshire supported 55 SMEs over the last three years, creating and safeguarding over 700 jobs. Investments from Finance Yorkshire's growth, seedcorn, and loan funds are expected to total 50 million GBP by 2027.
Lizzy Upton, senior manager at the British Business Bank, has stated that Enveke's second round of investment is a testament to the importance of external finance for growth. Enveke's clients include leading device manufacturers such as Bio-Rad, Waters Corporation, PacBio, Grifols, and the Terumo Group.
In the medical device manufacturing industry, there have been notable investments as well. For instance, Eventum Orthopaedics secured £3.8m, a sensor company raised investment for a new fitness monitor, and the Development Bank of Wales supported a medtech business with a £500k investment.
The system is used in laboratories worldwide, including the NHS, other health services, and leading universities. As the healthcare industry continues to evolve, it's clear that innovative solutions like Enveke's AI-powered training platform will play a crucial role in improving medical education, device adoption, and patient care.
- Enveke's AI-powered medical device training platform, integrating science and technology, simulates real-world scenarios, enhancing health-and-wellness education and device adoption for healthcare professionals.
- The European Investment Bank, along with other investment entities, has shown confidence in the potential of AI-powered training platforms like Enveke's, which could revolutionize the medical devices sector with virtual learning, remote support, and self-diagnostic tools.
