Funding For Wireless Fetal Heart Monitor Development
PUK Ventures, the venture capital business of Partnerships UK, has announced that it has completed an investment of £750,000 — part of a £1.175m funding round — in Monica Healthcare Limited.
Monica Healthcare was formed following 15 years of expertise at The University of Nottingham's School of Electrical & Electronic Engineering and Department of Obstetrics. The University of Nottingham spin-out company has developed miniature, wireless technology which can successfully monitor the well-being of a mother and her unborn baby.
The investors in this round of funding are PUK Ventures (£750K), Catapult Venture Managers (£300K) and The University of Nottingham (£100K) with private investors contributing a further £25K. Proceeds will be used towards expansion of Monica activities in the USA and other international markets.
Christina McComb, Head of PUK Ventures, said: “PUK Ventures believes that Monica's technology will make a real difference to the quality of care available to expectant mothers and their babies. We are pleased to support the company through the next phase of its international expansion”.
The non-invasive wireless technology allows monitoring of the fetus and mother for extended periods of time while allowing the mother to move around as normal. Existing techniques such as Ultrasound are not very effective in uninterrupted monitoring over longer periods of time and restrict mothers' movement. The device is CE marked and is available throughout Europe, the Gulf states and Australia through Monica-appointed distributors.
Dr Bruce Venning, The University of Nottingham appointed director of Monica Healthcare, said: “Monica has become a perfect example of knowledge transfer, taking a valuable technology from research to the market place, which is destined to become a real benefit to maternity healthcare.”
Jonathan Earl, Investment Director at Catapult Venture Managers, commented: “This funding round takes our cumulative investment in Monica to £1m. We are delighted both with the progress that the company has made since our original investment 4 years ago and to further support the continued growth”.
Paul Harper, Chairman of Monica, said “Monica's technology has potential to make a real difference and the support of PUK Ventures and our existing investors is greatly appreciated at this critical juncture which will see expansion into key markets.”