15th March 2023
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A Yorkshire medtech company which has developed a device that could improve the success of knee replacement surgery has raised £2.5m in a Series A funding round.
Eventum Orthopaedics has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors, some of whom are orthopaedic surgeons.
Eventum’s Quadsense device measures the forces of a patient’s quadriceps muscles across the range of leg motions before and during surgery, enabling surgeons to position the kneecap in such a way that the patient retains the same muscle balance and regains normal knee function.
The Ilkley-based company was founded in 2020 by John Naybour and Paul Atherton, who between them have almost 50 years’ experience in developing and marketing orthopaedic devices. They designed Quadsense with input from leading surgeons worldwide. The company raised an initial £1.4m from NPIF – Mercia Equity Finance and private investors in 2021 to help it develop the product and gain regulatory approval.
It has now achieved UK CA approval and the ISO13485 standard for medical devices, and has been used in 20 operations in New Zealand in conjunction with robotic surgery. The latest funding will enable the company to begin production, expand its sales and technical team and apply for FDA approval in the US. Eventum currently employs a team of five but plans to expand that to 12 in the year ahead.
Globally, around 2 million patients a year have knee replacements, with the figure expected to rise to 3.5m by 2030. However as many as one in five suffer ongoing pain or are dissatisfied with the outcome of their surgery. Eventum believes the key to improving success rates is the position of the kneecap, which plays a crucial role in the knee’s function.
John Naybour, Eventum’s CEO, said: “The Eventum team have done a massive amount of work in a short space of time in developing Quadsense and getting it approved for clinical use. We are now excited to start scaling up the team to commercialise the product, as well as bringing further innovations to the orthopaedics market.”
Connie Smith of Mercia added: “Whilst total knee implants have a great track record in terms of survival rates, up to 20% of recipients are still dissatisfied with their outcome. Eventum is pioneering a new approach using sensor technology and machine learning to provide accurate measurements and remove the guesswork associated with current procedures. John and his team have made great progress with the initial funding and this latest round will enable them to roll out the product to the global marketplace.”
Keira Shepperson, Director at British Business Bank, said: “The Northern Powerhouse Investment Fund is pleased to support Eventum Orthopaedics, a pioneering Yorkshire-based medtech firm, in its innovative work to improve the success of knee replacement surgery. This investment not only benefits the medical industry, but also the North’s economy and reputation as a hub for cutting-edge medical innovation, creating jobs and driving growth in the region.”
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.
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