MTI leads £1.19M funding round in Oxford University spin out Eykona

Funding

MTI Partners has announced the completion of an investment round of £1.19 million in Oxford University start-up Eykona, which will allow the company to progress its 3D wound imaging system to launch and beyond.

The financing was led by MTI through the UMIP Premier Fund (UPF) alongside further investment from existing and new shareholders including H2O Venture Partners, Parkwalk EIS Technology Fund 1, Hygea VCT, the LBA Roundtable EIS Fund 2009.

Technikos, a London-based venture capital fund specialising in medical technology, which has a long-term commercial partnership with Oxford University’s Institute of Biomedical Engineering remains the largest shareholder.

Paul Murphy, CEO of Eykona, said, “We are at an exciting stage with Eykona. We have great clinical support, a strong health economic rationale and huge interest from the wound care community. Allowing clinicians to measure wounds, accurately and repeatably, will help improve outcomes, reduce costs and ensure that patients with serious wounds are treated optimally.”

David Holbrook, Partner and Head of Medtech investing at MTI said, “This is [...] technology addressing a key unmet need in the wound care marketplace, with strong clinician endorsement and management team.”

Eykona is developing hand-held imaging devices. Its first product will meet a significant and recognised need to objectively measure hard-to-heal wounds. No such system exists at present, even though objective assessment of wound progress is recognised as important in improving outcomes and reducing costs.

Eykona’s products use 3D imaging technology developed at Oxford University. The first product, consisting of proprietary software and a purpose-designed camera, will be launched in Europe and the US next year. Further applications exist in dermatology, reconstructive surgery and cosmetics.