Manchester Imaging, which develops image analysis and diagnostic software for the dental industry, is a spin-out from The University of Manchester and will use the investment to progress its new dental diagnostic software platform.
Professor Hugh Devlin, founder of the business, is professor of restorative dentistry at the University of Manchester, and co-founder Dr Jim Graham is a reader in the Centre for Imaging Science at the university. It was spun out by the University of Manchester’s Agent for Intellectual Property Commercialisation (UMIP).
The Co Angel Investment service, the Greater Manchester Combined Authority-supported service linking syndicates of business angels to high-growth businesses, helped Manchester Imaging secure the funding.
The Co Angel Investment team worked with Manchester Imaging chief executive Tony Travers to help formulate a funding strategy for the consortium of angel investors and Mercia.
Travers said: “The team at Co has been instrumental as part of our development process in preparing us for investment, introducing us to the angel investors and helping us to secure the investment which allows Manchester Imaging to continue development of its core product portfolio, the services of which are a first for the dental care sector.
“We hope that, by empowering practitioners and patients to better identify potential problems, we will be able to save local services’ and insurers’ money, whilst ensuring that people have healthy teeth and gums right into old age.”
Kieran Quinn, who is responsible for investment strategy and finance within the Greater Manchester Combined Authority, believes Angel Investment has so far had great success in helping businesses to grow in the city.
He said: “Manchester is committed to its strategic and operational support for business growth and Co Angel Investment is just one of the services that the Greater Manchester Combined Authority have supported out of a range of products.
“We knew when we launched Co that Manchester held huge potential for a better, lower risk investment platform: the growing businesses like Manchester Imaging are here, the angels are here and now we have the infrastructure to bring them together to release further potential in the region.”