19 March, 2024: Leeds-based medtech startup, Eventum Orthopaedics, has secured £3.8 million in follow-on investment to expand its groundbreaking surgical device, QuadSense. Designed to enhance knee replacement procedures, QuadSense provides real-time data on kneecap positioning, helping surgeons improve patient outcomes.
The funding, backed by the Northern Powerhouse Investment Fund II (NPIF II) and managed by Mercia Ventures, will enable Eventum to scale its distribution in the UK, US, and New Zealand. The investment will also support the development of two new devices aimed at enhancing orthopedic surgeries beyond knee replacements.
Addressing a Global Surgical Challenge - Total knee replacement is a common procedure, yet around 20% of patients report dissatisfaction with their results. Eventum believes the key to better outcomes lies in optimizing kneecap positioning. With over two million knee replacements performed globally each year, the company sees immense potential for QuadSense to improve surgical precision and patient satisfaction.
Having already gained regulatory approval in the UK and US, QuadSense has been successfully deployed in over 300 procedures. The company has now appointed distributors in key international markets and is developing similar technologies for shoulder and hip surgeries.
In a press release published by Mercia Ventures, John Naybour, Founder and CEO of Eventum Orthopaedics said: “Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied. Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”
Rob Hornby of Mercia Ventures added: “Eventum’s product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5,000 and £6,000 for each case. Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.”
Also, Lizzy Upton, senior manager at the British Business Bank, said: “West Yorkshire is known for its expertise in developing implants, such as those used in orthopaedics, so it’s great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector. Eventum is a perfect example of how Yorkshire-based businesses can harness the power of NPIF II to expand, creating jobs in the region and contributing to the regional economy.”
The Role of the Northern Powerhouse Investment Fund II NPIF II, a £660 million initiative, provides early-stage financing to small and medium-sized businesses across Northern England. With equity investments of up to £5 million, the fund supports companies poised for innovation and expansion, reinforcing economic sustainability and job creation.
With strong investor confidence, increasing global demand, and ongoing innovation, Eventum Orthopaedics is set to reshape the future of knee replacement surgery and beyond.
