Belfast medtech firm Axial3D raises £2.4m to aid expansion

24 Jul 2019272 Views

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Image: Axial3D

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

The Belfast-based company said the investment will be used to create eight new jobs and drive expansion into the North American market.

Yesterday (23 July), Belfast medtech company Axial3D announced that it has secured £2.4m in funding.

The start-up, which provides 3D printing to the healthcare sector, was founded in 2013 by CEO Daniel Crawford.

Axial3D helps create patient-specific anatomical models for preoperative planning, custom implants, medical device prototyping and custom prosthetics, as well as teaching and training. The company can dispatch custom 3D-printed models globally within 48 hours.

The Belfast-based company said that the investment of £2.4m will support the creation of eight new jobs. It will also further research and development, and drive expansion into key markets, including the US.

This round of financing was led by London-based Imprimatur Capital Fund Management, an international science and technology investor. The round was also supported by a number of angel investors from the surgical sector in the US, and Axial3D received further funding from its initial investor, Techstart Ventures.

Accelerating growth

Crawford said that this investment marks an important milestone for the company: “It will accelerate our growth within new markets and enable us to bring our 3D printing solution to more healthcare organisations, helping them to drive down costs, improve compliance and ultimately enhance patient care.

“Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand,” he added.

“Following our recent collaborations with Tallahassee Memorial HealthCare and University Hospital Basel, we will focus our attention on the North American and European markets, recruiting more talent for our base in Belfast and continuing to innovate to find new ways to bring 3D printing on demand to the entire healthcare sector.”

John Murray, investment director of Techstart Ventures, said: “Axial3D’s groundbreaking work has the potential to change surgery at a global level and we look forward to supporting the company in achieving its future ambitions.”

In a statement announcing the news, Axial3D said that the global 3D printing medical devices market is set to grow by more than 23pc in the next five years.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com