NETPark based IBEX brings in more than £500,000 of new investment

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.

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.

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.

News source: Chronicle live

Cheif Executive of IBEX Innovations Ltd. Dr. Neil Loxley.

Other News

Follow NETPark On Social Media

Keep up to date with the latest NETPark news and events.

NETPark Logo

The North East Technology Park provides a dynamic and supportive environment to accelerate the growth of ambitious, innovative, high tech companies into global markets. NETPark encourages collaborative multidisciplinary links, driving innovation, enterprise and economic prosperity.
We provide companies with access to a focused and international community where talent flourishes, ideas are generated and businesses have the support and resources to compete with the best in the world.

NETPark North East Technology Park

NETPark, North East Technology Park,
Sedgefield, County Durham TS21 3FD

Call Us: (+44) 01740 625250
Email: enquiries@northeasttechnologypark.com
Web: northeasttechnologypark.com

CPI has developed a specialist offering to support SMEs looking to develop their printable electronics applications and our partnership with Business Durham has been instrumental in attracting several SMEs to locate here in the region.

Dr Jon Helliwell, - Director of Printable Electronics, CPI

The quality of the facilities at NETPark and the attitude of staff is first class. It has a really dynamic, innovative atmosphere.

Dr Neil Loxley, - Chief executive, IBEX

Access to quality facilities was one of the main drivers for deciding to locate the business at the NETPark. We have been able to use this as a launch pad to link into support from CPI and world-class expertise from Durham University.

Steve Clements, - Managing Director, aXenic

The proximity to the universities and the infrastructure are very important factors. Ultimately having a presence in Europe is very valuable to us and we intend to stay at NETPark for many years to come.

Dr Arnab Basu, - CEO, Kromek

We initially came because of the printable electronics centre but access to a highly skilled semi conductor workforce in the North East has been a key factor in us staying and growing here, as well as the value for money office space and the access to funding.

Ken Williamson, - COO, PragmatIC Printing

It fits perfectly for us that we’re surrounded by like-minded companies at NETPark. There are a number of highly skilled people in the area who can help us grow our business. The facilities and services offered by NETPark are first class, they make office life simple and engaging.

Stuart Wilson, - CEO, Ascarii
2020-05-18T09:39:53+00:00
Go to Top