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A MedTech business that is working closely with Royal Cornwall Hospitals Trust (RCHT), has received a £200,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group.

The funding is part of a £0.4million funding round and will be used to support job creation and the overall growth of the business.

Peninsula Medical Technologies (PenMed) produces medical equipment and technology to improve the safety and outcomes of patients in the critical care environment. The company has been awarded an Innovate UK Biomedical Catalyst Grant for project costs of £1.2m to take its modular ventilation/anaesthesia device into clinical trials. 

The PenMed modular system provides ventilation and anaesthesia without needing to disconnect the patient, improving patient safety and workflow.  It was developed following work by PenMed in the final stages of the UK Ventilator Challenge at RCHT and addresses many of the needs of pandemic ventilation so that such a challenge would not be needed in a future pandemic.

Dr Sebastian Brown, PenMed founder, said: “With the grant funding in place to take the device through the next two years of testing and clinical evaluation, this CIOSIF investment will allow us to create the jobs needed to undertake this process. It will also support the development of a further medical device based on the same architecture, helping move towards our goal of delivering more innovative solutions to the healthcare industry and providing high-quality medical devices for the benefit of patients. We are delighted to be working with FSE on this journey.”

Ralph Singleton, Head of Equity South West at The FSE Group, added: “PenMed’s management team has a strong background of successful product development in the medical sector and impressive knowledge and expertise of the ventilator market. This, and their close ties with the industry, leave them poised to make a significant impact in the medical sector. They have received promising feedback from expert reviewers in their NHS market research and we are thrilled to be supporting them on their journey to revolutionising the use of ventilators and anaesthesia equipment in hospitals.”

The global ventilator and anaesthesia market is worth around £2.5bn. Boasting several advantages over its competitors, including enhanced patient safety and data-driven healthcare advances that ultimately lead to better patient outcomes, PenMed is well-positioned to capture its targeted 9% share of the £124m UK market by 2028.

The £40m Cornwall & Isles of Scilly Investment Fund was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) to provide debt and equity finance to help growing small businesses across the region.

Funding through CIOSIF came to an end in December 2023 but wider funding is now available through the British Business Bank’s £200m South West Investment Fund providing loans from £25k to £2m and equity investment up to £5m.

CIOSIF has been 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.

Life sciences recruitment specialist Entrust Resource Solutions has secured a £500,000 funding package to support the firm’s growth ambitions and the creation of new jobs.

Delivered through the British Business Bank’s Investment Fund for Scotland and fund manager, FSE Group, the loan will assist the recruiter with plans to increase its headcount by 50%, as well as expanding into new cities across the UK and Europe.

Based at the DundeeOne Business Centre, Entrust Resource Solutions focuses on both executive search and technical operations for early-stage pharmaceutical discovery and manufacturing within the UK’s bourgeoning life sciences sector. The new funding will also allow the firm to move into the clinical operations market, helping to fulfil the demand for expertise to support clinical trials and the scale-up of drug development.

Entrust Resource Solutions currently employs 20 staff between its base in Dundee and satellite offices in Alderley and Oxfordshire. The majority (85%) of its work involves placing people into roles in Scotland and the rest of the UK, with a further 10% in Europe and 5% in the USA.

Austin Clark, group commercial director at Entrust Resource Solutions, said: “Life sciences is a key sector for the UK’s economic prosperity and shone under the spotlight throughout the pandemic, demonstrating what could be achieved with our expertise and facilities. In Scotland especially, there is a growing cluster of biotechnology and science companies, with firms setting up close to the pool of talent coming out of our world-leading universities. 

“Our expertise lies in working with companies of all sizes to find the right people with the desired skills and qualifications to fill all kinds of roles from senior C-suite to entry-level technicians. It is a fast-moving sector with huge potential and we believe that one key hire can change people’s lives. The funding from the Investment Fund for Scotland and FSE Group is going to play a critical part in our next steps, helping towards our growth plans.”

The deal comes as the Investment Fund for Scotland hits a £5 million milestone, with eight loan and equity deals to Scottish businesses agreed since the fund launched just six months ago.

Entrust Resource Solutions is one of five smaller businesses to receive a share of £3.25 million in the latest round of funding from FSE Group and the Bank, with cosmetic surgery group, Elanic Clinic; oat milk cocktail brand, Panther M*lk; graphic design consultancy, John Young Group; and a whisky labelling business also agreeing loans.

The £150 million Investment Fund for Scotland was launched in October 2023 and offers loans ranging from £25,000 to £2 million and equity investments up to £5 million. The fund is part of the British Business Bank’s commitment to fostering sustainable economic growth by supporting businesses across Scotland.

Mark Sterritt, Director, Nations and Regions Funds, at the British Business Bank, said: “It is great to see the impact that the Investment Fund for Scotland has delivered for smaller businesses across a diverse mix of sectors in only six months, including Entrust Resource Solutions. The latest loans via FSE Group bring us to a milestone £5 million, which is helping several businesses to achieve ambitions for growth and expansion. The fund was established to support new and growing businesses with investment strategies that best meet their needs, whoever they are and wherever they are based. We hope more ambitious businesses in Dundee will look to the fund as a way of supporting their plans.”

Norrie Cook, Head of Fund Scotland at FSE Group, said: “We are delighted to welcome Entrust to our portfolio of companies supported by the Investment Fund for Scotland. Entrust combines industry knowledge with recruitment expertise and the business is well set to continue its growth journey. We were immediately impressed with the long standing client relationships that Austin and his team have built over the years and look forward to supporting them to achieve their growth ambitions.”

Re:Nourish, the innovative grab-and-go soup company is the latest business to be supported by the Enterprise M3 Funding Escalator, managed by The FSE Group.

Re:Nourish has rapidly emerged as one of the fastest-growing brands in the fresh soup category. Its patented microwaveable bottled soups, a world-first, have resonated with health-conscious consumers seeking convenient, nutritious options. The company’s drive to be climate conscious and socially responsible has recently resulted in B Corp Certification.

The brand is available across the UK in mainstream stores such as Sainsbury’s and Waitrose, Co-op and is sold online at Ocado and Amazon.

Based in Guildford the business will use the £250,000 Expansion Loan to help fund an increase in manufacturing capability to facilitate recent contract wins. Funding will also support sales and marketing initiatives and the creation of new jobs in the local area.

Nicci Clark, Founder and CEO at RE:NOURISH, said: “Cheryl Weeks & the team at FSE have been incredibly supportive and have made this very straightforward to enable the further growth of Re:Nourish to continue at pace. As a female founder I have struggled to get the same support from our bank despite a robust and flourishing business that is making a change to the nation’s health.”

Cheryl Weeks, Head of Funds East and South East at The FSE Group, added: “We are delighted to have supported a business with such a holistic focus. The food sector has for some time been geared towards convenience, and Re:Nourish have taken this and added health, good taste and affordability into their products too. It will be exciting to watch Nicci, Karen and the team take the company from strength to strength as they take up even more space in their sector, leading the way in forward thinking consumer led products.”

The multi-award-winning University of Exeter spin-out company, Neuronostics, has raised more than £2million funding to develop its pioneering epilepsy diagnosis technology.

The company has received £2.1m in funding through a successful round of seed funding, led by the Ascension Life Fund.

The new funding, along with backing from a syndicate of additional investors including QantX, the Cornwall & Isles of Scilly Investment Fund managed by The FSE Group and Empirical Ventures, will allow Neuronostics to accelerate its route to market in the UK and Middle East, while also begin seeking regulatory approval from the FDA for the US market.

Chris Wheatcroft, Investment Director at the Ascension Life Fund, said, "We are delighted to have invested in Neuronostics, whose software as a medical device could revolutionise how neurological conditions are diagnosed and treated."

Neuronostics was co-founded by Professor Terry and Dr Wessel Woldman in 2019. Their research is focused on the development and application of mathematical and computational methodologies for understanding the dynamics of biomedical systems, with particular interests in the transitions between healthy and unhealthy states in the human brain.

As part of their work, the company are developing a pioneering patented biomarker of epilepsy, called BioEP. This digital biomarker reveals features from routinely collected clinical recordings that are currently hidden from clinical practice.

These features indicate how likely a person is to have epilepsy, which supports a neurologist in determining the most appropriate next steps and also enhances the diagnostic capabilities of EEGs.

Traditionally, EEGs are used in clinical settings to visually identify abnormalities indicative of epilepsy, such as interictal spikes or discharges. However, these features are absent in approximately 70% of EEGs, making the diagnosis of epilepsy challenging and typically delayed.

BioEP enhances EEG analysis by detecting epilepsy-associated features in routine recordings, even when traditional epileptiform rhythms are absent. This approach can speed up diagnosis meaning patients receive more effective treatment sooner and relieves downstream pressures by reducing costly further testing.

Neuronostics have now received a further £350k grant from Innovate UK through, its Investor Partnerships programme, to develop the BioEP platform.

Co-Founders of Neuronostics, Professor John Terry and Dr Wessel Woldman, commented, "Alongside the scientific and clinical traction we have gained these past two years, closing this round is a clear signal that our technology and business model is commercially sound and scalable in global markets. We are excited to be working with several hospitals in the UK to pilot BioEP, as well as to generate further clinical evidence of its health economic impact."

In further good news for the company, SBRI Health have just announced a £100k contract to enable a feasibility study to be undertaken that explores the utility of BioEP for epilepsy diagnosis in paediatric cohorts. 

Exeter-based company Cineon Training has secured a £400,000 equity investment from the South West Investment Fund, as part of a larger £900,000 funding round.

The funding round was led by the South West Investment Fund appointed fund manager The FSE Group and includes investment from Torbridge Capital.

Based on the Exeter Science Park, Cineon develops novel Virtual Reality (VR) training and therapy products, as well as undertaking consultancy services. Their products incorporate cutting-edge eye-tracking technology delivered via a VR headset to enhance individual’s learning and performance. Training in this way optimises human behaviour in safety-critical and high-pressure environments. The UK government backs Cineon’s research, products and services and they work with the NHS, Ministry of Defence and numerous other organisations.

This funding will be used to hire 14 skilled staff members over the next three years, including in the data science, business development and marketing departments.

Cineon was founded by Toby & Kate de Burgh and Professor Sam Vine. Toby is a senior consultant in the nuclear industry as well as a VR specialist, Kate is a Consultant Clinical Scientist in the NHS and Sam a Professor of Psychology at the University of Exeter, and a leading researcher in the neuropsychology of human performance and learning.

Toby de Burgh, Chief Executive Officer at Cineon Training, said: “Personalised, adaptive learning, delivered via immersive technology, is the future of specialist training because it is uniquely able to improve outcomes and can be used in any sector. Our eye-tracking-based tools have been applied in many contexts, from helping to assess and develop competency in pilots, to potentially saving the NHS millions in missed MRI appointments by reducing patient anxiety. We’re so proud of our technology and are grateful for this funding which will enable us to share it with even more clients and sectors.”   

The £200m South West Investment Fund (SWIF) covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.

Ralph Singleton, Head of Equity, South West at The FSE Group, added: “Recent years have meant that people are less skeptical of working with remote technology. Cineon is proof that there are advantages in taking this even further when considering both improved outcomes for end users and value for money. The growth plans for the company are exciting and I particularly look forward to watching them delve further into the fields of Aviation, Healthcare and Nuclear. We wish Toby and his team all the success and look forward to joining them on their journey.”

Jody Tableporter, Director, Nations and Regions Investment Funds at British Business Bank, said: “The core purpose of the South West Investment Fund is to support innovation and drive local business growth. Cineon are at the forefront of cutting-edge technology in immersive learning and we’re delighted to be supporting the future growth of the business.”

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.