Medtech company gets £3.8 million backing

A medtech firm focused on improving knee replacement surgery has secured £3.8 million support to further pivot its offer.

Eventum Orthopaedics has been backed to ramp up expansion of its QuadSense product.

Bosses say the apparatus helps surgeons precisely cut and place the kneecap in total knee replacements.

They add the cash, from funds including NPIF II – Mercia Equity Finance, will allow the Ilkley-headquartered firm to develop devices for shoulder and hip operations and build stock levels following launches in the UK, the US and New Zealand.

Eventum was founded in 2020 by former medical executives John Naybour and Paul Atherton.

Its funding round – which was also backed by Mercia EIS funds and private investors – is the third led by Mercia Ventures and NPIF, and means the company has now raised more than £7 million.

John, founder and chief executive, said: “Total knee replacement is a common operation, yet two out of ten patients are not happy with the results.

“Our mission is to improve success rates by providing data to help surgeons make better clinical decisions.

“The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”

Rob Hornby, of Mercia Ventures, which manages NPIF II – Mercia Equity Finance as part of the Northern Powerhouse Investment Fund II, added: “Having supported the company from an early stage, we are pleased to see it achieve this important milestone.

“We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.” 

The £660 million Northern Powerhouse Investment Fund II is overseen by British Business Bank and covers the North of England, providing loans from £25,000 to £2 million.

It also delivers equity investment up to £5 million to small and medium-sized businesses.

Lizzy Upton, British Business Bank senior manager, added: “West Yorkshire is known for its expertise in developing implants, so it’s great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector.”

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