6th February 2025

Medical device business secures multimillion-pound funding from BGF and Development Bank of Wales

A South Wales-based medical device business has secured multimillion-pound funding from BGF and Development Bank of Wales.

The funding will enable Chepstow-based IQ Endoscopes to accelerate the roll-out of its sustainable single-use endoscopy platform

It will strengthen its position for supporting clients and patients across the UK in 2025 and beyond.

The platform, which has been designed and built in the UK, is devised to increase the capacity of endoscopy provision across the country. This allows patients to be diagnosed earlier and ultimately help people live longer, healthier lives.

IQ Endoscopes’ innovative product is set to launch into an initial four health centres this July to begin to tackle the backlog of patients needing endoscopy treatments across England and Wales.

Matt Ginn, IQ Endoscopes CEO, said: “At IQ Endoscopes, we are on a mission to help drive rapid early diagnosis using our single-use endoscopes to help people live a longer and better life. This funding round has brought that ambition one step closer to reality and we are exceptionally thankful to BGF, DBW and early shareholders for their ongoing belief in our mission.”

Tim Rea, head of early-stage investments at BGF, said: “From the outset, we’ve been impressed by the team’s focus on improving patient outcomes by eliminating the inconvenience, cross-contamination risks, and environmental impact associated with the repeated sterilisation of reusable systems.

“The team has made significant strides to address critical challenges in endoscopy by offering a high quality, sustainable and more efficient solution for clinicians. We are excited to continue our support for the business as it advances to the next stage of its development.”

Tom Davies, investor for the Technologies Venture Investments team Development Bank of Wales, said: “This is the fourth investment we have made into IQ Endoscopes since our initial seed investment in the summer of 2020, and we continue to be impressed by their growth and innovation as a leading Welsh MedTech company, delivering essential single-use solutions in the field of endoscopy.”