£125K investment from a London Business Angel Syndicate helps close Michelson Diagnostic’s £1.92m Series A Round

1 December 2011

Kent based medical devices specialist, Michelson Diagnostic, has closed a £1.92m Series A round which included a £125k follow on investment from a syndicate of existing LBA shareholders, taking the total investment into the company since 2007 by LBA members to over £1.2m. Further LBA investment is scheduled for the next month too. The company which last presented at LBA’s company presentation event on 22 September 2011, has developed a unique laser scanning technology that  can image skin and other surface tissue at much higher resolution than has been possible before. The company’s first product based on this technology, “the Vivosight Scanner”, has the potential to address the multi - £BN market for the non-invasive diagnosis of non-melanoma skin cancer.The product has entered commercial service at leading dermatology clinics in the U.K, U.S.A and Germany.  The funds will be used to expand sales & support infrastructure in U.S.A and Europe to respond to growing demand for the product.

Jon Holmes, Michelson Diagnostics CEO comments: "LBA has been instrumental in Michelson Diagnostics' success to date, both in terms of investment at critical stages of our growth, and much valuable practical business advice and support from LBA members and LBA management team. I strongly recommend LBA to entrepreneurs seeking investment, and to private investors looking for a well-managed business angel network."

Anthony Clarke London Business Angels CEO comments:  “Michelson Diagnostics first raised money at LBA in 2007. The company has steadily grown since with the significant financial support of our Network. The business is now poised for explosive growth on an international basis and is a prime example of patient angel capital being deployed to fund a company’s equity gap in its early years of development”.

For further information and enquiries: 

London Business Angels
Anthony Clarke, Managing Director
Tel: +44 (0)20 7321 5672
E-mail: enquiries@lbangels.co.uk
Web: www.lbangels.co.uk

About London Business Angels

LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 15 years’ experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years’ investing experience through the LBA network. LBA is a founding member of the British Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.

About the LBA EIS/SEIS Approved RoundTable Syndicate Funds

The LBA EIS Approved RoundTable Syndicate Fund is the culmination of 30 years’ experience of pioneering innovation in the UK Angel investment market. This FSA regulated HMRC Approved EIS Fund offers LBA Investors an innovative way to acquire a portfolio of investments, while taking advantage of the personal tax relief offered by the Enterprise Investment Scheme. The First £300k LBA EIS RoundTable Fund 2010 was fully invested in January 2011, making four investments in leading edge technologies during the previous year, spread across a range of sectors: Eykona (medtech); Syrinix (cleantech); ipadio (mobile); The Electrospinning Company (nanotech).

Following the successful 2010 Fund, the LBA EIS Approved RoundTable Syndicate Fund 2011-12 closed for subscriptions on 13 May 2011, being 40% larger at £420k. The fund invested in 5 leading edge technologies spread across a range of sectors: Camstent (medtech), Momentum Bioscience (medtech), Phase Vision (high value manufacturing), Michelson Diagnostics (medtech), Isotera (cleantech)

The LBA EIS Roundtable Syndicate Fund 2012, closed for subsciprtions on 5th April 2012 at £455k. The fund invested in 6 early stage companies.

The LBA EIS Roundtable Syndicate Fund 2013, closed for subscriptions on 5th April 2013 at £290k. The fund invested in 6 early stage companies.

The LBA EIS Roundtable Synducate Fund 2014 closed for subscriptions at £695k on 4th April 2014. The fund will seek to co-invest alongside London Business Angels in the next 12 months

The LBA SEIS Roundtable Syndicate Fund 2012, closed for subscriptions on 19th October 2012 and will seek to co-invest across 6-7 SEIS eligible deals alongside LBA investors