Funding boost for Welsh medtech companies developing next-gen products
The aim of the fund is for the selected companies to develop and commercialise the next generation of medical technology devices and products.
The companies took part in a £1m launchpad for the Welsh medical tech cluster, the first of its kind in Wales as well in the medtech sector in the UK.
It’s been designed to support the development and growth of high-tech companies in the Welsh medtech cluster, located along the M4 corridor from south east to west Wales.
Also, it’ll help attract further investment into the area and encourage collaboration and networking within the cluster.
The Welsh companies were selected for extra funding to take their products to the next stage in addition to two other businesses based outside Wales that are working in collaboration with the cluster.
The successful businesses are developing a number of innovative products in areas such as respiratory diagnostics, advanced surgical equipment and cell therapy.
The winning businesses in Wales are:
- Alesi, Cardiff
- Cotton Mouton Diagnostics (CDM), Cardiff University spin out
- Glyconics, Swansea University spin out
- Invitron, Monmouth
- Melys Diagnostics,Whitland
- TrakCel, Bridgend.
Economy Minister Edwina Hart said: “Life Sciences is one of our key, fast growing sectors with Medical Technology one of Wales’ major industrial strengths.
“The Launchpad competition recognises the importance of the medtech cluster in Wales and I am delighted that funding from Innovate UK is supporting the next generation of medtech businesses.
“These small an early stage business are developing some extremely exciting products with the potential to make a real impact on the future health and well being of patients.
“The Launchpad supports the Welsh Government’s strategy to grow the sector through initiatives like the £100m Wales Life Sciences Investment Fund and the Life Sciences Hub Wales.”
Dr Ruth McKernan, the new CEO of Innovate UK, said: “This Launchpad shows how inventive and productive Welsh businesses can be, and I look forward to more Welsh companies being successful in their Innovate UK grant applications in the future.”
Image credit: U.S. Embassy, Jakarta/Flickr