Octopus Ventures has invested £1.5m into Metrasens, a technology business specialising in metal detection products for the healthcare and security markets.
Investment from Octopus will enable Malvern-based Metrasens to further develop and enhance its Ferroguard MRI detection system, which is being used to reduce the likelihood of injuries caused by projectiles in MRI units. It works by providing visual and audible alarms when ferromagnetic material is detected near an MRI machine.
Preventing this type of material from entering MRI rooms can increase safety and decrease potential costs. Funding will also aid sales of the Metrasens FG1 Portable Security Pole, which is designed for multiple niche applications such as knife-detection operations by police forces.
With an established global market need for the company’s Ferroguard MRI product, early indications suggest that the worldwide market could be worth in excess of £1.1bn, particularly due to tighter regulation of MRI facility design.