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