Eventum Orthopaedics, a Ilkley-based MedTech company innovating knee replacement surgery, has raised a further €4.5 million in order to build stocks of its Quadsense product following its launch in the UK, US, and New Zealand and develop two new devices.
The latest funding round is the third led by Mercia Ventures and Northern Powerhouse Investment Fund (NPIF) and brings the total raised by the company to over €8.3 million.
John Naybour, Founder and CEO, said: “Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied. Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”
Eventum, which employs a team of ten, was founded in 2020 by former medical executives John Naybour and Paul Atherton.
Eventum’s QuadSense device helps surgeons to precisely cut and place the kneecap in total knee replacements. According to data provided by Eventum, over 2 million patients a year have knee replacements globally, yet around 20% are not fully satisfied with the outcome.
Eventum believes the key to improving success rates is the position of the kneecap, which plays a crucial role in the knee’s function.
QuadSense, which is the “only device that provides surgeons with real-time data on the position of the kneecap“, has already gained regulatory approvals in the UK and US and has reportedly already been used in over 300 procedures.
The company has now appointed distributors in both countries and in a number of other key international markets, and it is developing similar devices for shoulder and hip operations.
Rob Hornby of Mercia Ventures added: “Eventum’s product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5k and £6k for each case. Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.”
Lizzy Upton, senior manager at the British Business Bank, said: “West Yorkshire is known for its expertise in developing implants, such as those used in orthopaedics, so it’s great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector. Eventum is a perfect example of how Yorkshire-based businesses can harness the power of NPIF II to expand, creating jobs in the region and contributing to the regional economy.”
The €784 million Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from €29k to €2.3 million and equity investment up to €5.9 million to help a range of SMEs to “start up, scale up or stay ahead“.
