IP Group is among the investors in x-ray technology developer Ibex Innovations’ latest round after backing a $3m round for the company in 2014.
Ibex Innovations, a UK-based x-ray technology developer founded by a former University of Cambridge researcher, has received £1m ($1.3m) in a round backed by commercialisation firm IP Group, Private Equity Wire reported yesterday.
The round also featured North East Venture Fund, a regional vehicle backed by the EU-owned European Regional Development Fund and managed by Mercia Fund Managers.
Founded in 2010, Ibex Innovations manufactures an embeddable technology that can be affixed behind standard x-ray cameras to improve imaging quality and reduce radiation to the patient.
Ibex’s first product is designed to test for osteoporosis, a disease that causes bones to become fragile. The technology could also support non-healthcare x-ray applications such as security scanners and food testing.
The capital will enable Ibex to create 13 new jobs as it looks to secure adoption of its technology in the global healthcare market. Ibex Innovations was founded by Gary Gibson, a former researcher at University of Cambridge.
The company raised $3m in a 2014 round backed by IP Group and Finance for Business North East Fund, an EU and UK government-supported vehicle under IP Group’s management. The round also included an unnamed existing strategic investor.
Ibex Innovation had already received $1.5m in an April 2013 round featuring an unnamed corporate investor and the EU-backed Finance for Business North East Proof of Concept Fund, which is managed by Northstar Ventures.