Octopus supports Michelson Diagnostics

Amy King
13 January 2014

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Octopus Investments has led a ТЃ1.98m round for existing portfolio company Michelson Diagnostics, a UK-based medical devices company.

Co-investment was provided by existing backers Catapult Venture Managers, angel network London Business Angels and several angel investors.

The firm will use the funding to expand its sales in Germany, develop second-generation technology and initiate entry into the US market.

Previous funding
In 2007, London Seed Capital (LSC) led a £600,000 round of funding for the firm, contributing £100,000, according to unquote" data. Catapult Venture Managers contributed £250,000, with London Business Angels committing the remainder.

The following year, LSC and Catapult were joined by around 15 private investors in a second £600,000 round of funding for the firm.

In 2010, Octopus Investments committed £1.7m to the company to support the growth of sales infrastructure in the UK and US. Octopus, Catapult and private investors committed £2.5m to the company in 2011.

Company
Founded in 2006 and based in Orpington, Michelson Diagnostics develops and manufactures medical equipment and laser scanning devices. The company's technology allows trained clinicians to diagnose and monitor certain diseases and conditions that affect the cutaneous and epithelial linings of the body. The first commercial application of the firm's non-invasive technology has concentrated on the diagnosis of non-melanoma skin cancer.

Michelson Diagnostics has 18 employees and sales offices in Germany and the US.

People
Simon Andrews is a member of the ventures team at Octopus Investments.

Advisers
Equity (Octopus) – Shoosmiths (Legal).
Company – Catalysis Capital Partners (Corporate finance); Edwards Wildman Palmer (Legal).