Simulator success sparks £1 million funding boost

A tech company specialising in virtual training tools for medical lab equipment has secured £1 million to accelerate growth and innovation.

Envoke has been backed by NPIF – Mercia Equity Finance and Finance Yorkshire’s Seedcorn Fund.

Bosses say the backing will support product enhancements, sales and marketing ahead of a planned Series A round, and expand its 11-strong team with two new hires.

The Leeds firm develops simulation software that enables medical staff to train remotely on laboratory machines and troubleshoot issues using artificial intelligence-powered tools. 

The platform also helps manufacturers provide remote support.

The funding round follows a £1 million investment from Mercia and NPIF in 2023, which enabled Envoke to develop its platform and launch a new module that has since attracted a wave of new clients and nearly doubled its annual recurring revenue over the past year.

Stuart Warrington, chief executive of Envoke, whose clients include leading device makers Bio-Rad, Waters Corporation, PacBio, Grifols and the Terumo Group, as well as the NHS, other health services and leading universities, said: “Healthcare services worldwide rely on rapid and accurate laboratory testing. 

“However, training staff is costly and machine downtime is commonplace, often due to operator error or simple faults that could easily be fixed with the right support. 

“We believe our platform will dramatically improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers.”

Dawn Tyler, portfolio director at Mercia Ventures, added: “Envoke’s pioneering platform could transform training for laboratory staff in the same way the flight simulator did for pilots.

“Our initial investment enabled the team to develop this latest version, which has attracted strong interest from the healthcare industry. 

“We are pleased to support the company once again, and welcome Finance Yorkshire as a new investment partner.”

Alex McWhirter, chief executive of Finance Yorkshire, added: “Envoke’s success is to be applauded as part of the growing technology and artificial intelligence sector in Yorkshire and Humber.”

Lizzy Upton, senior manager at the British Business Bank, which operates the NPIF, said: “This second round of investment shows businesses are able to succeed over time with the help of the first Northern Powerhouse Investment Fund.

“This exciting technology company is paving the way in the healthcare sector, creating jobs and making a measurable difference to the local economy by working with more partners and other businesses in the region.”

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