As part of an initiative to support the Liverpool City Region’s most innovative SME’s Liverpool’s Metro Mayor Steve Rotheram launched the LCR Future Innovation Fund back in June this year. We are pleased to announce Inovus Medical have been successful in receiving an award of £100k from the LCR initiative.
The company plan to utilise the funding to support further development of its recently launched, LapAR™ Laparoscopic Simulator. The developments include additional training functionality to support distance learning during and after COVID-19 as well as adding further functionality to link an ecommerce site through the LapAR™ training portal. These developments, funded by the Future Innovation Fund, will ensure scalability of product delivery and recurring revenues; enabling Inovus to drive export revenues across the globe.
The funding will also play a crucial role in helping the company access its key international growth markets. Initially this includes gaining a foothold in North America and will see the company expand its commercial operations with the addition of a new commercial team on the ground in the US. With an increase in exports driving manufacturing and product delivery needs the funding will allow the purchase of additional manufacturing apparatus to cater for the increased operational demands of growth.
Dr Elliot Street, Inovus CEO said, “The award of the Future Innovation Fund couldn’t have been more timely as we seek to take a pro-active approach to growing the company in the face of COVID-19. Our distance learning solution has already shown huge demand across the UK and will be an important element of re skilling the surgical workforce both locally and across the globe. The funding gives us the confidence and resource we need to ensure we can meet this demand. We are extremely grateful to have been awarded the funding in the face of extremely strong competition and wish all the applicants across the LCR the very best with their post COVID rebuilding and growth.”