#CODEInvested: update from Cipher Surgical
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We caught up with Andrew Newall, Managing Director of Cipher Surgical to see how they’re doing a year on since their last raise with us.
Cipher Surgical’s first funding raise with CODE Investing was in 2016 when they raised over £1.9million. This was to fund the launch of their primary product OpClear®.
The OpClear® is an innovative, new technology created by Cipher Surgical, aimed at transforming laparoscopy. During keyhole surgery, surgeons rely on a camera attached to a scope to see the site they’re operating on. Often lens can get obscured by blood, tissue or condensation, endangering the success of the surgery.
The OpClear® product solves this problem by allowing surgeons to clean the lens of their laparoscope without disrupting the surgery. A footswitch the surgeon operates, delivers precise small controlled pulses of carbon dioxide and saline to the lens.
We asked MD Andrew Newall what’s happened since the fund raise with us last year who told us that Cipher Surgical has made a good start with regards to launching OpClear®.
“The immediate outlook is positive and the device has been rolled out to at least five different territories” Andrew tells us. “Initial orders from UK, Australia and Canada have been encouraging and we’re well on track to meet our long-term sales forecasts.”
Andrew also explains why the main competitor to the OpClear® – Floshield has now gone out of business. Cipher Surgical believe this was because the Floshield device didn’t work well enough and didn’t sell much as a result. This is all good news for Cipher Surgical, who received their safety CE last year and has had positive feedback from surgeons trialling the device.
Want to hear from more UK businesses who have raised finance with CODE Investing? Take a look at some of our other Success Stories now.
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A growing number of institutional lender are redirecting their funds, to provide finance to UK SMEs.
CODE Investing has entered into a strategic collaboration with City of London Group to originate SME loans
CODE Investing has entered into a strategic partnership with BNP Paribas Asset Management to originate SME loans.
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