# Inovus Medical set for major expansion following six figure investment Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-01-05 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: Inovus Medical secures £500,000 NPIF investment for growth Meta Description: Discover how Inovus Medical is accelerating its commercial operations with a new investment from NPIF - Mercia Equity Finance, creating jobs and expanding URL: https://financedigest.com/inovus-medical-set-major-expansion-following-six-figure-investmenthtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/founders-1736840164578-compressed.jpg) Inovus Medical, a leading designer and manufacturer of medical and surgical simulators, has announced the successful completion of a £500,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund. The investment is part of a £700,000 investment round alongside an angel investor and will help to create four new jobs, accelerating the growth of Inovus Medical’s commercial operations in the domestic and international markets. The company also plans to utilise the funding to add a suite of new 3D printing technologies to its manufacturing processes and introduce new software additions to its existing product offering. ![1. L-r Founders of Inovus Medical Elliot Street Jordan Van Flute Mark Wyatt of Mercia](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/founders-450x298-1736840164569-compressed.jpg) 1\. L-r Founders of Inovus Medical Elliot Street Jordan Van Flute Mark Wyatt of Mercia Inovus Medical has had an impressive year of [growth as the company has more than doubled its head](https://www.financedigest.com/global-growth-headed-down-as-inflation-surge-to-endure.html "Global growth headed down as inflation surge to endure") count, moved to new headquarters in St Helens, Merseyside, and won a number of awards, including the EIT Health Headstart Award and most recently the British Chamber of Commerce Regional Small Business of the Year Award. This [impressive growth](https://www.financedigest.com/polyols-market-reflect-impressive-growth-rate-to-during-2027.html "Polyols Market Reflect Impressive Growth Rate to During 2027") was helped by a previous £80,000 investment made by NPIF – BFS & MSIF Microfinance in December 2017. This latest investment follows the launch of the company’s most [recent innovation](https://www.financedigest.com/u-s-lighting-products-market-recent-strategies-trends-technology-innovation-analysis-application-by-tmr.html "U.S. Lighting Products Market: Recent Strategies, Trends, Technology Innovation, Analysis Application by TMR") in healthcare simulation, the Bozziniä Hysteroscopy Trainer, a revolutionary, turnkey simulator for teaching the skill of hysteroscopy (operating on the womb). This injection of capital is set to help Inovus improve adoption of [innovative products](https://www.financedigest.com/product-innovations-and-advancements-in-technology-to-boost-automotive-ignition-system-market-growth.html "Product Innovations and Advancements in Technology to Boost Automotive Ignition System Market Growth") such as the Bozziniä in the UK and globally through its growing distribution network. **Inovus Medical’s CEO, Dr Elliot Street, said:** “We are extremely excited to have Mercia as a partner on our journey of expansion in what is an evolving [industry that presents a great deal of opportunity](https://www.financedigest.com/why-sustainability-presents-one-of-the-greatest-opportunities-for-the-financial-services-industry.html "Why sustainability presents one of the greatest opportunities for the Financial Services industry"). Whilst it is gratifying to see how far we have [come in the years](https://www.financedigest.com/refrigerated-trailer-market-to-exhibit-increased-demand-in-the-coming-years.html "Refrigerated Trailer Market to Exhibit Increased Demand in the Coming Years") since we launched, what is most exciting is the prospect of improving the care of patients across the globe through improved access to high quality, realistic and affordable healthcare simulation – this investment will allow us to do just that at a scale far beyond that which we were previously able.” The investment was led by Mercia’s Fund Principal Will Clark and Investment Director Dr Mark Wyatt. **Mark said:** “This is a really exciting time for the Inovus team as they set their sights on [expanding globally](https://www.financedigest.com/global-construction-aggregates-market-is-estimated-to-expand-at-a-cagr-of-6-8-over-the-forecast-period-of-2021-2031.html "Global Construction Aggregates Market is estimated to expand at a CAGR of 6.8% over the forecast period of 2021-2031"). This funding round will enable Inovus Medical to establish a significant presence in the simulation and training market place, which is an area we feel has substantial [growth](https://www.financedigest.com/functional-extracts-market-potential-growth-share-demand-and-analysis-of-key-players-forecasts-to-2029.html "Functional Extracts Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2029") potential.” **Grant Peggie, Director at British Business Bank, said:**“We’re pleased that NPIF is providing capital that will enable Inovus Medical to innovate, [move into new markets](https://www.financedigest.com/the-next-upcoming-years-to-see-the-dental-biomaterial-market-move-exponentially-upwards.html "The Next Upcoming Years To See The Dental Biomaterial Market Move Exponentially Upwards") and scale up its operations. We would encourage other forward thinking companies across the North to explore the [growth funding](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding, BigCommerce Integration, 69% Customer Growth") available from NPIF.” HRC Law of Manchester provided legal counsel for the company. The Northern Powerhouse [Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank](https://www.financedigest.com/investment-banks-trading-revenue-likely-to-shrink-barclays-boss-says.html "Investment banks’ trading revenue likely to shrink, Barclays boss says"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---