'Pioneering' medical tech firm lands £4m investment
Business Growth Fund (BGF) has backed a "pioneering" medical technology company in London with an investment of £4 million.
Founded by Dr R.P. Vijayanarayanan BDS (Vijay), Evo is a surgical and high-precision engineering firm which claims to provide full jaw dental solutions to patients in just one day. The company's solution provides treatments for patients suffering from severe dental problems and who require a full jaw reconstruction.
The process features digital scanning, prosthesis manufacturing, 3D printing and high-precision milling machines with an accuracy of below ten microns - which is on par with aerospace engineering.
London-headquartered Evo will use the BGF funding to expand its clinics, which feature on-site dental laboratories with the latest hi-tech medical manufacturing technology, across the UK and explore international growth.
"We've combined state-of-the-art engineering, innovation and first-class patient care to deliver a solution for the chronic types of tooth problems that inflict millions of people across the UK," said CEO Dr Vijay.
"We chose to partner with BGF because of their culture and approach. We have very ambitious expansion plans and wanted to work with someone who will support us longer-term, and also introduce us to people outside of our immediate space that can help us grow as a business."
The business has centres in Heathrow and Liverpool, and has so far completed more than 3,000 full-arch reconstructions for patients.
BGF has invested almost £100 million into healthcare and medical tech companies across the UK, including internet pharmacy Pharmacy2U. It has also backed online platforms four sourcing healthcare professionals, including Caresourcer, and personal data analytics firm MyLife Digital.
The investment was led for BGF by George Tsangarides, Thomas McDonnell and Alistair Brew, who joins the board of the company.
Brew said: "Evo is an example of the best of British craftmanship, engineering and technology. The company has built a reputation for clinical excellence and is at the forefront of a nascent, but potentially very large market.
"Led by Dr Vijay, the team has huge ambitions to take this treatment across the UK and internationally, and we’re delighted to be backing them."
Evo was advised on the deal by Kingston Smith (corporate finance & tax), Simons Muirhead & Burton (legal) and Luminii Consulting (commercial due diligence). Grant Thornton provided tax advice and Freeths provided legal advice to BGF on the investment.