York manufacturer boosts global exports with seven-figure HSBC funding
A York-based advanced manufacturer is aiming for growth overseas following a seven-figure funding boost from HSBC UK.
York Instruments, established in 2015, designs and manufactures medical brain scanners for the diagnosis and treatment planning of epilepsy and other brain disorders, as well as brain tumours and sporting injuries.
The business plans to utilise the funding package to significantly scale up the production of its scanners, meeting demand from customers in North America, including elite sports organisations such as the National Football League.
The firm’s core magnetoencephalography (MEG) technology was originally developed by members of the York Neuroimaging Centre, based at the University of York.
Said to be bringing over £2m annually to the Yorkshire region, York Instruments anticipates that the investment will enable it to boost turnover and create many new jobs in the next year.
John Fulford, chief operating officer of York Instruments, said: “We’re a young business so it was critical that we secured the necessary capital to help finance the build of our new scanner to meet customer orders.
“There are currently just 200 MEG scanners world-wide but we believe there is a potential market for over 2,000 units - so we have significant opportunity for growth.
“With HSBC UK’s backing we’re ideally positioned to push forward with plans to capture this market.”
York Instruments employs 46 staff at its York HQ and has offices in London, Helsinki and Florida.
The firm designs and manufactures scanners in York, with the machines destined for use by medical professionals in sport rehabilitation and general healthcare sectors across Europe and North America.
The deal was part of HSBC UK’s £12bn lending fund to support SMEs in the UK, with £1.05bn committed to businesses in Yorkshire.