A Cardiff-based medtech firm developing new pacemaker technology for patients with long-term heart conditions has been boosted with a £5m fundraise.
The equity round into Ceryx Medical was led by the Development Bank of Wales and Parkwalk Advisors, the 海角视频’s largest investor in university spinouts, alongside contributions from BGF, Bristol Private Equity Club and other investors.
As part of the round, the dwvelopment bank has invested £2m through the Wales Flexible Investment Fund, alongside a £1.75m investment from Parkwalk. The investment will allow Ceryx to progress with clinical trials for its temporary pacing technology and develop a miniaturised version for applications in implantable pacemakers.
While the current standard of pacemakers is designed to keep hearts on a steady beat, Ceryx’s artificial neuron technology allows pacemakers to have more variable control of a heart’s rhythm, allowing it to respond to the patient’s breathing rates and exercise. This synchronises the heart with the lungs, allowing an increase in cardiac function.
This is the second time that Ceryx has received investment from the development bank, with an earlier £3.8 m round in 2022, in which it invested £1m. That round allowed it to bring an external version of its pacemaker to first in-human trials, following a global clinical study centred at the University Hospital of Wales, Cardiff.
Stuart Plant, chief executive at Ceryx Medical, said: “Our technology promises to be an effective therapy for those suffering from heart failure, giving them the chance to recover by replicating the rhythms and variability of a healthy heart. It’s estimated that there are 30 million heart failure sufferers worldwide, and about half of all patients die within the first five years after diagnosis.
“We’re looking forward to trialling the next iteration of our product, and we’re very pleased to have received this investment from the Development Bank of Wales and Parkwalk, allowing us to take things to the next stage.”
Tom Davies, investment executive in the technology ventures investment team at the Development Bank of Wales, said: “Ceryx is a pioneering Welsh medtech company leading the development of a breakthrough treatment for heart failure. Its pacing device has the potential to transform millions of lives globally, and we are proud to support them with equity investment in this latest funding round.”
Alun Williams, Investment Director at Parkwalk Advisors, said: “The opportunity to revolutionise heart failure treatment through Ceryx’s pacemaker technology is clear - it combines considerable societal value with impressive growth potential. At Parkwalk, we’re delighted to continue supporting another research-intensive company as it embarks on the next phase of its journey, with the ultimate goal of positively transforming patients’ lives at scale.”