A County Durham technology firm has raised more than £500,000 to commercialise a product which aims to improve detection of breast cancer.
IBEX Innovations, which is based at NETPark in Sedgefield, has secured the funding from the North East Venture Fund, along with IP Group and a number of private investors.
IBEX’s Trueview technology, which uses advanced physics and artificial intelligence, aims to improve the quality of X-ray images and also reduce the dose of radiation that patients receive. It can be used with conventional X-ray machines and allows medics to interpret images more accurately.
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After five years in research and development, IBEX recently made its first sales to Curvebeam, a US company specialising in 3D imaging, and to Planmed, a manufacturer based in Finland which supplies to over 70 countries.
The latest funding, which brings the total IBEX has raised to almost £6m, will be used for ongoing product development and to secure new international customers.
Neil Loxley, CEO of IBEX, said: “We are grateful for the continued support of investors in this latest funding round, which will enable us to complete development of our latest product and maintain our technical lead in the $15bn medical X-ray imaging market.
“2020 will be an important year for IBEX as we secure new deals with leading global medical imaging companies.”
The North East Venture Fund - which is managed by Mercia, can invest up to £1m in businesses in Tyne and Wear, Northumberland and County Durham, particularly those in innovative or disruptive sectors. It is part of the wider North East Fund, which has £120m of European money to invest in around 600 North East businesses up to March 2023.
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Ian Wilson, who leads Mercia’s team in the North East, added: “IBEX is the only one in the market that can achieve this quality of images.
“The company continues to make progress in both developing new products and new commercial relationships. Mercia is delighted to support IBEX once again and help roll out this new system which will be an important step forward in breast cancer detection.”
Oliver Rickett from Womble Bond Dickinson provided legal advice to Mercia.