On a recent visit to IQ Endoscopes in South Wales, Secretary of State David TC Davies praised the company for its innovation and growth, spotlighted by a £5.2 million investment in 2022 from BGF and the Development Bank of Wales.
This visit, facilitated by the British Private Equity and Venture Capital Association (BVCA), underscored the significance of targeted investment in propelling cutting-edge businesses forward.
Davies, representing Monmouth as an MP, highlighted IQ Endoscopes as a prime illustration of a company leveraging the right blend of support and investment to advance, innovate, and contribute economically and socially to the community.
He lauded the company for its pioneering work in medical technology, which was made possible by the financial backing of BGF and the Development Bank of Wales.
Medical devices firm IQ Endoscopes (Credits: Business Live)
Tim Rea of BGF, focusing on early-stage investments, acknowledged the company’s swift progress and journey toward introducing groundbreaking technology.
This technology aims to alleviate pressures on healthcare systems and enhance patient care globally. IQ Endoscopes, recognized for its disposable endoscopy device, is making strides in early cancer diagnosis and treatment of gastrointestinal conditions.
CEO Matt Ginn of IQ Endoscopes explained how the 2022 investment has catalyzed the company’s growth, enabling the team to refine its market access strategy in anticipation of its product launch.
With a commitment to revolutionizing patient treatment procedures and contributing to economic growth through job creation, the company is gearing up for a subsequent investment round to fuel further advancements.
IQ Endoscopes (Credits: I Q Endoscopes)
Michael Moore of the British Private Equity and Capital Venture Association underscored the critical role of private capital in nurturing innovation within UK businesses.
In 2022 alone, £27.5 billion was invested in UK enterprises, demonstrating the vital support private capital provides to over 12,000 companies employing more than 2.2 million people across the UK.
Dr. Richard Thompson from the Development Bank of Wales commended IQ Endoscopes for its technological innovations and contributions to positioning Wales as a leader in the health-tech sector.
He expressed pride in the bank’s involvement in the company’s success, reinforcing the collective effort to promote global achievements from Wales.
