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Medical devices firm IQ Endoscopes has secured a £5.2m equity investment to support expansion plans.

The investment into the Chepstow-based firm has been led by BGF (previously known as the Business Growth Fund) with existing investor Development Bank of Wales also participating in the round alongside a consortium of investors.

IQ Endoscopes has created a sustainable and single-use endoscopy device. The company was recently supported with grant from Cardiff and Vale Health Board, and received backing from the Cardiff Capital Region Challenge Fund to create a new recycling strategy for the product

IQ Endoscopes’ technology leverages the complementary experience of its founders; Dr Patrick Ward-Booth brings over 40 years of clinical experience in the endoscopy field, while chief technology officer Andrew Miller has a background in automotive engineering that has been applied to the design and manufacturing of the company’s products.

The business, which was launched in 2017 has raised £5.9m to date, with seed funding and subsequent investment raised from investors including the Development Bank of Wales. IQ Endoscopes has undergone rapid acceleration over the last five years and funds from this latest round will be focused on market access strategy ahead of product launch.

Global volumes of endoscopy procedures are forecast to grow to 130 million by 2026, driven by factors such as an ageing population combined with a growing number of surgical techniques that can now be performed via endoscopy. New guidance recommending increased early screening for diseases such as colorectal cancer (to begin at age 45 rather than age 50) has also come at a time when the effects of the pandemic are still being felt in the form of a significant backlog of patients waiting for endoscopy care.

Of the 70 million endoscopy procedures currently completed each year, 98% are performed with reusable devices which require decontamination and reprocessing after each use, which is both costly and reduces patient capacity, as well as posing the risk of cross contamination. IQ Endoscopes aims to add much needed capacity and flexibility to help the healthcare system meet patient demand.

Matt Ginn, chief executive at IQ Endoscopes said:“Regulatory bodies such as the FDA are increasingly encouraging single use endoscopes as a means of improving patient safety and ensuring the early detection of GI diseases. Single use endoscopes not only eliminate all threat of cross contamination between procedures, but also increase throughput of patients and allow greater access to treatment on a global scale.”