A Bristol-based tech start-up has raised more than £10 million in funding to bring its breast cancer screening system into “full commercial launch”.
Micrima secured £4.4 million in additional equity funding from Technology Venture Partners, The Angel CoFund (ACF) and Venture Founders, along with a group of returning and new individual investors.
This brings the total amount raised to £10.7 million.
Executive chairman Roy Johnson said the capital brings the firm a step closer to commercialising its patented breast cancer screening system, MARIA.
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“The market has been prepared over the past 18 months through the publication of our historical clinical trial data, and attendance at numerous congresses and trade shows to showcase our breakthrough technology,” he added.
“As a result, we have many influential clinicians and partners anticipating the launch of MARIA later this year. We look forward to putting the product we have worked so hard to create into their hands for the first time.”
The MARIA system is currently for use in symptomatic clinics, and it is intended that it will eventually be widely adopted as a viable alternative to mammography breast screening.
The product uses harmless radio waves to detect breast cancer, unlike mammography which uses ionising radiation. It has already been trialled in over 400 women in the UK, with further trials just about to commence at leading European centres.
Nick Simmonds, partner of Technology Venture Partners, said: “The success of this fund raising comes at a pivotal point in the development of Micrima as the company seeks to commercialise the MARIA Breast Imaging System and build out clinician advocacy at Key Opinion Leading Clinics in the UK and Europe.
“We are proud to show our on-going support for the company and the team as they further develop this important technology and we look forward to future success.”
This latest round will be used to move the MARIA system into full commercial launch later in 2018. In addition, investment will go into expanding the team with strategic hires.