IFS Maven Equity Finance invests £625,000 in surgical tech spinout

Share on:  

Glasgow University spinout, Nami Surgical, has raised £3.2 million in funding to develop the first ultrasonic scalpel for use in Robotic Assisted Surgery (RAS). The equity finance was provided by the Investment Fund for Scotland (IFS), managed by Maven and delivered by the British Business Bank, alongside a syndicate of investors led by Eos.

Published: May 09, 2024
Focus: IFS Maven Equity Finance

Nami has developed a high-performance, miniaturised, ultrasonic scalpel for use as an accessory to existing robotic platforms used globally. RAS has become increasingly popular in recent years and is now widely used in various surgical procedures. Robotic systems provide the surgeon with improved dexterity and visualisation which leads to greater precision, less patient trauma and post-operative pain, reduced recovery times and shorter hospital stays. As RAS becomes the standard of care for more forms of surgery the global market for RAS is expected to grow four-fold to $36 billion by 2032.

Despite being the handheld instruments of choice in laparoscopic (keyhole) surgery, ultrasonic scalpels have not yet transitioned into robotic surgery as they are simply too large to be easily manipulated inside the body and are therefore incompatible with existing RAS platforms. Nami has solved this problem, allowing surgeons to use the ultrasonic scalpels they are familiar with and trust for both laparoscopic and RAS procedures.

Nami Surgical team pictured with Maven

Pictured left to right: David Milroy, Partner at Maven, Victoria McLaren, Investment Manager at Maven, Nico Fenu, CEO & Founder at Nami Surgical, Rebecca Cleary, CTO & Founder at Nami Surgical, and Sarah Newbould, Senior Investment Manager at British Business Bank

“Robot-assisted surgery has become increasingly popular in recent years and is now widely used in various surgical procedures including urology, gynecology, and colorectal. We have pilot programmes running with healthcare and medical device groups worldwide, including in the United States, and we now look forward to the commercialisation phase with the support of our new investors.”

Nico Fenu, CEO and Co-Founder at Nami Surgical

The business will use the funds to fuel the growth and expansion of its world class team across business and technical areas to continue to develop its product and drive innovation. A spin-out company from the world class Centre for Medical and Industrial Ultrasonics (C-MIU) at the University of Glasgow, the technology aims to transform the current robotic-assisted surgery market.

"The robotic surgery market is exploding and whist the benefits are clear, surgeons want to see the most effective instruments from keyhole surgery also available on robotic platforms and we therefore expect significant demand for Nami’s highly innovative ultrasonic scalpel. Nico’s team have a pipeline of surgical devices leveraging the same approach to miniaturisation and we are delighted to be working with the Nami team as they exploit this exciting new technology”

David Milroy, Partner at Maven

“The Investment Fund for Scotland is committed to supporting businesses with high-growth potential, in this case a surgical tech spinout. Our ambition with the fund is to improve access to finance for founders and entrepreneurs across Scotland, providing the funding needed to help businesses with their growth ambitions.”

Sarah Newbould, Senior Investment Manager at the British Business Bank

This transaction represents Maven’s third deal through IFS this year, following investments in 3D printed micro-tumour specialist, Carcinotech, and dental device company, Calcivis, and marks another milestone in Maven’s track record of identifying high-potential Scottish businesses.

As Fund Manager of IFS - Maven Equity Finance, Maven can provide investment of up to £5 million to support both earlier and later stage businesses with real growth potential across a range of sectors. If your business, or the business you advise, is looking at equity investment as a solution to fund future growth please click here.

Subscribe for email updates