Truro-based Clinical Design Technologies (CDT) has become the latest business to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
CDT, which produces a new way for healthcare professionals to carry out urine testing, has received a £750k CIOSIF equity investment as part of a £1.57 million fundraising round, which includes £400k from Sorbon Investments Ltd.
The funding will support rollout of the product in the UK, alongside progression with overseas markets and will also allow the business to take on six new staff initially, with further hires planned for next year.
Oliver Blackwell, Clinical Design founder and CEO, said: “Securing funding at such a pivotal point can be tricky for early-stage med-tech companies like ours. We’re delighted to receive this backing which will be used to continue our UK rollout alongside entering overseas markets in Europe and preparing for expansion into the US in 2020.”
John Acornley, chair of the CIOSIF Advisory Board and a non-executive director of the Cornwall & Isles of Scilly Local Enterprise Partnership (LEP), said: “Once again CIOSIF is at the forefront of supporting real technological innovation in Cornwall whilst driving high quality job creation across the region.
“And with manufacturing of the product and associated software currently outsourced to St Austell and Redruth sub-contractors, this is positive news for the wider local economy.”