Manchester Uni spin-out raises £600k
A Manchester tech start-up has secured £600,000 to develop software that can automatically detect the early signs of tooth decay.
Manchester Imaging raised the investment from the GM&C Life Sciences Fund, managed by Catapult Ventures and NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The money will support the development and launch of the company's first suite of software products that use machine learning and computer vision processes to automatically detect the very early signs of tooth decay, which can go unseen by dentists.
"I'm very pleased to be working with Catapult Ventures and Mercia Fund Managers, and to have secured the funding to enable Manchester Imaging to commercially launch CARIESDENT for the detection of early stage tooth decay," said CEO Tony Travers.
"I look forward to supporting dentists and their patients to identify tooth decay earlier, thereby enabling the use of preventative treatments or earlier intervention to avoid the need for fillings."
Dr Mark Wyatt, investment director at Mercia Fund Managers, added: "We've been very impressed with the progress made by the company and the well-rounded, highly experienced and commercially focused leadership team.
"Having previously backed the company through Mercia's EIS Funds, we are delighted to continue supporting Tony and his team with growing Manchester Imaging as a leader in dental diagnostic imaging software."
In addition to the investment, Kevin D'Silva, a venture partner with Catapult Ventures, will join the board of Manchester Imaging as non-executive chairman.