Microvisk funding round raises £2.5m investment

Microvisk Technologies has raised £2.5m through a rights issue to existing investors.

The round included investment from Oxford Technology Management, Porton Capital, New Hill, Midven, the Rainbow Seed Fund, Finance Wales and private investors. In January, Microvisk secured £2m from new and existing investors.

Microvisk is developing what is claimed to be the world’s first medical diagnostic strip based on a Micro-Electro-Mechanical System (MEMS).

Microvisk’s ‘SmartStrip’ uses sensors to work out the clotting speed of blood from a finger-prick sample and the results are displayed on a handheld reader.

Trials of the prototype device are said to be progressing and Microvisk will use the new capital to finalise product development and start the testing necessary to secure regulatory approval in Europe and the US.

The company says it is on track to launch the SmartStrip system onto the market in 2011.