"Lab equipment flight simulator secures an additional £1 million in funding"
In a significant development, Envoke, a UK-based company specializing in AI-powered medical device training, has raised an additional £1 million in funding. This investment, made by Mercia and the Northern Powerhouse Investment Fund (NPIF), will help further develop the platform and expand its reach to more clients [1].
The investment is part of a broader initiative known as the Northern Powerhouse Investment Fund project, which is financially supported by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020, and the European Investment Bank [2].
Over the past three years, Finance Yorkshire has been actively supporting Small and Medium Enterprises (SMEs), with Envoke being one of the 55 SMEs supported by Finance Yorkshire. This investment from Envoke demonstrates the effectiveness of the Northern Powerhouse Investment Fund in supporting businesses and creating jobs, with Envoke alone creating and safeguarding over 700 jobs [3].
Envoke, which was founded in 2019, originally designed its platform for product demonstrations but soon repurposed it for remote training and aftersales. The platform now creates a virtual model of each medical laboratory machine and provides e-learning on medical devices [4].
The platform is currently used in laboratories worldwide, including the NHS, other health services, and leading universities. It enables manufacturers to offer remote support, reducing the need for site visits, and features an AI-powered diagnosis tool for problem resolution [5].
With this new funding, Envoke plans to further enhance the system, boost sales and marketing, and roll it out to more customers in preparation for a Series A investment. The company also aims to create two new jobs in the coming months, currently employing 11 staff [6].
Lizzy Upton, senior manager at the British Business Bank, commented on the investment, stating that it is a testament to external finance being an important tool for growth [7].
Looking ahead, Finance Yorkshire is preparing to make further investments in 2025 after a positive review of its investment performance over the last three years. Investments from Finance Yorkshire's growth, seedcorn, and loan funds are expected to total £50 million by 2027 [8].
Envoke's platform is positioned as an advanced educational solution that helps medical device manufacturers and developers understand the clinical evaluation and regulatory compliance of AI and software-based medical devices. By targeting these complex areas, Envoke's platform aims to empower manufacturers to meet evolving clinical and regulatory demands effectively [1].
The platform addresses critical gaps in understanding and applying regulatory requirements specifically for AI-driven medical devices, which are becoming increasingly prevalent and complex. This educational focus helps accelerate compliance readiness and supports safer, more effective medical AI device development and deployment, ultimately contributing to improved patient safety and innovation in healthcare technology [1][3].
However, publicly available information lacks details on Envoke’s investor base [1][3]. Despite this, the success of Envoke and its AI medical device training platform is a testament to the potential of the Northern Powerhouse Investment Fund project in supporting businesses and driving growth in the region.
References: [1] Envoke. (n.d.). Retrieved from https://www.envoke.ai/ [2] Northern Powerhouse Investment Fund. (n.d.). Retrieved from https://www.npif.co.uk/ [3] Finance Yorkshire. (n.d.). Retrieved from https://www.finance-yorkshire.com/ [4] Envoke. (2020, September 24). Envoke launches new remote training module. Retrieved from https://www.envoke.ai/news/envoke-launches-new-remote-training-module/ [5] Envoke. (n.d.). Our clients. Retrieved from https://www.envoke.ai/clients/ [6] Envoke. (2023, May 10). Envoke secures £1m investment to expand its AI-powered medical device training platform. Retrieved from https://www.envoke.ai/news/envoke-secures-1m-investment-to-expand-its-ai-powered-medical-device-training-platform/ [7] British Business Bank. (2023, May 10). Envoke secures £1m investment to expand its AI-powered medical device training platform. Retrieved from https://www.british-business-bank.co.uk/news/envoke-secures-1m-investment-to-expand-its-ai-powered-medical-device-training-platform/ [8] Finance Yorkshire. (n.d.). Retrieved from https://www.finance-yorkshire.com/investment-performance/
The additional £1 million investment in Envoke, a UK-based company specializing in AI-powered medical device training, will not only further develop the platform but also extend its reach to more clients. This investment, part of the Northern Powerhouse Investment Fund project, aims to support businesses and create jobs, particularly in the health-and-wellness, science, and technology sectors. The funds will also boost sales and marketing efforts, and enable Envoke to create two new jobs in the coming months.
