Inotec AMD, a Cambridge based, fast-growing medtech business that has developed a novel device capable of healing complex chronic wounds, has secured investment of £7m. The funding round wasled by Praetura Capital, with involvement from Boundary Capital Partners LLP.
The business has developed a world leading medtech product, called NATROX® Oxygen, for use in Wound Therapy. It generates pure humidified oxygen to treat a range of chronic wounds, from diabetic and venous ulcers to non-healing surgical wounds.
Following several successful clinical trials, Inotec AMD is looking to grow its foothold in the US, Asia, the Middle East and Europe. The business currently provides products to the NHS and health providers in key markets including the US, Italy, Southeast Asia and the Middle East.
Boundary Capital Partners LLP is based in London and Cambridge and was excited to be part of this medtech growth story. Existing investors include Amadeus Capital Partners, Puhua Capital. A group of high-net-worth angel investors joined Praetura Ventures in making up the £7m round.
Inotec AMD is headed up by CEO Craig Kennedy and Chairman Dr Adrian Patron MBE. The business is based in Cambridge, UK and also has US offices in North Carolina.
The funding will enable Inotec AMD to build on its recent growth and target new international markets.
Craig Kennedy, CEO at Inotec AMD, said: “The UK alone spends £3.1bn on treating chronic wounds each year, while the US spends $50bn. Add to this the significant escalation in costs, not to mention the considerable distress to patients and families if the only course of treatment for non-healing wounds is amputation. It’s clear that there’s a real need for innovation in this area.
“We’re proud to have developed a product with the potential to revolutionise wound care and significantly minimise pain and suffering for millions of patients worldwide. Our next step is to continue our momentum by continuing to expand into new territories.
Dan Somers, Managing Partner at Boundary Capital Partners, said: “Our mantra is to back dynamic businesses led by highly skilled, respected and entrepreneurial management teams.
“We’ve been really impressed by the determination of the team at Inotec AMD to change wound care for the better. We are particularly focused on investments that make a real impact on people’s quality of life and Inotec AMD certainly ticks that box.”
The global wound care market continues to grow at a rapid rate, with a recent report by market research company MarketsandMarkets predicting it will be worth $24.8bn by 2024, up from $19.8bn this year.
Boundary Capital Partners LLP has recently launched a new Impact Life Fund that solely focuses on businesses that impact people’s lives, such as Inotec AMD.